KUALA LUMPUR, The newly appointed leadership of the ASEAN-India Business Council (AIBC) has reaffirmed its commitment to promote private sector cooperation in trade and investment, in line with the ASEAN Economic Community (AEC) Blueprint 2025.

AIBC chairman Datuk Seri N. Gobalakrishnan and alternate chairman Nivas Ragavan, who was recently appointed by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz for a three-year term (2024-2027), said they will represent Malaysia in their regional roles and collaborate with other ASEAN countries and India.

‘This regional role presents a unique opportunity to strengthen and enhance economic ties between the ASEAN region and India,’ they said in a joint statement to Bernama.

Gobalakrishnan and Nivas represented Malaysia at the ASEAN Economic Ministers-India (AEM-India) Consultation meeting in Vientiane, Laos, earlier this week.

The meeting welcomed progress in the review of the ASEAN-India Trade in Goods Agreement (AITIGA) and highli
ghted the need to improve provisions to facilitate the cross-border movement of goods, making AITIGA more effective, user-friendly, and trade facilitative for businesses.

AIBC, established by the governments of ASEAN and India in 2005, aims to foster closer business linkages and provide an industry perspective to deepen economic ties between the two regions.

Malaysia is set to assume the ASEAN Chairmanship next year, taking over from Laos, which will officially hand over the chairmanship during the ASEAN Summit, which runs from Oct 8 to 11.

Malaysia has previously held the ASEAN Chairmanship in 1977, 1997, 2005, and 2015.

ASEAN, founded on Aug 8, 1967, comprises 10 member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Timor-Leste’s full membership is pending.

Source: BERNAMA News Agency