Bilateral Free Trade Agreement Of India

It is important that the economic survey for 2019-20 highlighted that free trade agreements are generally beneficial for India. Between 1993 and 2018, India`s exports of industrial products grew by an annual average of 13.4 percent annually to partners with whom it has trade agreements, and such imports increased by 12.7 percent, it said. In comparison, total exports of goods increased by an average of 10.9% during this period and imports by 8.6%. More than a year before the signing, Prime Minister Narendra Modi signaled India`s decision not to join RCEP and said at a summit in Bangkok in 2019: “If I measure the RCEP agreement as far as the interests of all Indians are concerned, I will not get a positive response. Therefore, neither Gandhiji`s Talisman nor my own conscience allows me to adhere to RCEP. In late June 2005, the government signed a comprehensive economic cooperation agreement with Singapore, which many consider To be India`s first “comprehensive” free trade agreement. India also signed free trade agreements with ASEAN (2009), Korea (2009) and Japan (2010), which were later criticized for India`s widening trade deficit with the three trading partners. These contracts were followed by another contract with Malaysia (2011). India expects to extend its pact with Sri Lanka to a similar type of Comprehensive Economic Partnership Agreement. Read also: Dhaka wants New Delhi to give up “strict controls” on clothing, since both are working on the trade pact, monil shah posted 10 comments on Timesofindia.com to get the Wordsmith Level 1 badge. Talks began in 2010 with New Zealand and with Australia in 2011, but they were frozen in 2013, when India began negotiating the Regional Comprehensive Economic Partnershipship (RCEP) mega-regional agreement with the 10 ASEAN nations, Australia, China, Japan, New Zealand and South Korea. In November 2019, India withdrew from the RCEP negotiations due to concerns about trade deficits, including with China, and countries` reluctance to open markets to Indian services and investment. RCEP has sparked much controversy and resistance at home, including from farmers, unions, dairy cooperatives and patient groups concerned about the impact on medicines.

It is remarkable that India has forged major free trade alliances with Asian countries (ASEAN, Japan and Korea) around the GJ10. Despite this, the share of these markets in Indian exports has declined over the past decade, from 51% to 46%. .