New Delhi [India], India's trade deficit with the Association of Southeast Asia Nations (ASEAN) has more than doubled since the implementation of the free trade agreement (FTA) in 2010, according to data released by the Ministry of Commerce and Industry. . India's exports to ASEAN member countries in the year 2010-11 were US$ 25,627.89 million, while imports from these countries were US$ 30,607.96 million. However, the situation has worsened significantly in the last decade, with the deficit increasing at an alarming rate. India's exports to ASEAN countries were recorded at US$ 44,000 in the financial year 2022-2023. 42 million, but imports increased to US$ 87,577.42 million during the same period. This increase in imports not only reduced the gains from increased exports but also widened the trade deficit, raising concerns among policy makers and economists.This trend will continue till financial year 2023. -24 Also, data available from April 2023 to January 2024 paints a grim picture. India's exports to ASEA during this period stood at US$ 32,713.01 million, however, imports were recorded at US$ 68,550.60 million. The growth in imports from ASEAN countries has outpaced India's export performance, raising concerns about the growing trade deficit and requiring comprehensive scrutiny. Underlying factors contributing to this disparity Since the inception of the Free Trade Agreement (FTA) between India and ASEAN in 2010, bilateral trade has expanded steadily, reaching US$ 131.58 billion in fiscal year 2022-23. But the trade deficit has also increased in its favour.ASEA Countries The ongoing review of the ASEAN-India Goods Trade Agreement (AITIGA) aims to further enhance trade relations between the two regions in a balanced and sustainable manner, with both sides aiming to conclude the review by 2025. This can be attributed to various factors including the evolution of India's import policy and tariff structures; India's transition from a restrictive trade policy regime to a more liberal framework since 1991 has significantly affected trade dynamics, leading to an increase in imports. Import tariff rates have fluctuated over the years with the introduction of the Goods and Services Tax (GST) in 2017, which marked a milestone in trade policy reforms, says experts, especially intermediate inputs. Although India has taken steps to streamline trade processes and correct some duty reversals, challenges remain in achieving a more balanced trade relationship. The need for continued efforts to enhance export competitiveness with ASEAN, diversify the export basket and address structural barriers in key sectors is paramount to narrowing the trade gap. Furthermore, the emerging global economic scenario and geopolitical dynamics require a proactive approach to promote mutually beneficial trade relations. Collaborative initiatives between India and ASEAN aimed at promoting trade facilitation, enhancing market access and promoting innovation and technology exchange are essential to harness the full potential of the India-ASEAN partnership.While India's trade with ASEAN has seen significant growth, the persistent trade imbalance underlines the need for concerted efforts to foster a more equitable and sustainable trade ecosystem between the two regions, addressing the underlying structural challenges and enhancing cooperation. And taking advantage of opportunities for mutual benefit will be important in paving the way towards greater economic integration and prosperity.