India became ASEAN Dialogue Partner in 1996. Preliminary ASEAN data showed that two-way merchandise trade between ASEAN and India reached USD 77.0 billion in 2019, while total FDI inflows from India amounted to USD 2.0 billion. This placed India as ASEAN’s sixth largest trading partner and eight largest source of FDI among ASEAN Dialogue Partners. 

At the 2nd ASEAN-India Summit in 2003, the Leaders signed the ASEAN-India Framework Agreement on Comprehensive Economic Cooperation. The Framework Agreement laid a sound basis for the establishment of an ASEAN-India Free Trade Area (FTA), which includes FTA in goods, services and investment.

The ASEAN-India Trade in Goods Agreement (AITIGA) entered into force on 1 January 2010. The signing of the AITIGA on 13 August 2009 in Bangkok paved the way for the creation of one of the world’s largest free trade areas with more than 1.9 billion people and a combined GDP of US$ 5.36 trillion. The ASEAN-India Trade in Services Agreement was signed by all Parties on 13 November 2014 and had entered into force on 1 July 2015. As of date, the Agreement has been ratified by all Parties. Meanwhile, the ASEAN-India Investment Agreement was signed by all Parties on 12 November 2014. The Agreement entered into force on 1 July 2015. To date, it has been ratified by all Parties, except Cambodia.