The economic ministers of the Association of Southeast Asian Nations (ASEAN) and India held an informal consultation in Singapore yesterday on the sidelines of the 13th ASEAN Summit.

According to a Singapore government media release, the two sides reviewed the progress of negotiations for the Trade in Goods Agreement of the ASEAN-India Free Trade Area (AIFTA).

The economic ministers noted with satisfaction the progress made since the last meeting in Cebu, the Philippines.

While the main elements of the modalities have been agreed upon, the release said, a few issues relating to preferential access for a few products remain.

Both sides have agreed to settle these issues by March 2008 with a view to concluding the AIFTA Trade in Goods Agreement by the ASEAN Economic Ministers (AEM) Retreat in May 2008, the release said.