India Does Not Have Free Trade Agreement With Which Country

The document published on 10 October shows that Indian imports from the bloc increased by 79% after the 2010 free trade agreement with the Asean countries, while exports increased by only 39%. India`s exports to asean countries totaled $23 billion in 2010 to $36 billion in 2018, with an annual growth rate of 5%. At the same time, Indian imports from these countries increased from $30 billion in 2010 to $57 billion, an 8% increase. According to the agreement, the SAFTA instrument will be as follows: third, the post-Covid World Trade Organization will most likely be influenced by geopolitical decisions. Many countries are now cautious about China and can strategically orient themselves to other trading partners for imports. India has a good chance in this area and should fill this gap by building its champion sectors with immediate urgency. India can use indications from Vietnam and Bangladesh that make it extraordinarily good, as well as alternative targets for companies that relocate their production out of China. Existing and newly signed free trade agreements should take this trend into account and allow for some economic concessions instead of strategic ones. Political decisions often involve trade-offs between the economy and politics, and the choice of the right compromise is essential. ASEAN is one of India`s main trading partners.

The ECSC with ASEAN came into force on January 1, 2010 and bilateral trade between the two parties increased from about $43 billion in 2009-10 to $97 billion in 2018-19. As with SAFTA`s Indian trade, bilateral trade between India and ASEAN grew faster than India`s total trade with the world, resulting in an increase of 9.4% to 11.5% of ASEAN`s share of Indian world trade. However, unlike India-SAFTA trade, Indian imports from ASEAN grew significantly faster than Indian exports to ASEAN. Another important point to take into account is that imports from ASEAN grew much faster than Indian imports from the world. The faster growth in imports has led to a significant increase in India`s trade deficit with ASEAN, from less than $8 billion in 2009-10 to about $22 billion in 2018-19. ASEAN`s share of India`s total trade deficit increased from about 7% to 12% over the same period. Switzerland (which has a customs union with Liechtenstein, which is sometimes contained in agreements) has bilateral agreements with the following countries and blocs:[41] He added that India had recorded a trade deficit in all major trade agreements, with the exception of the South Asia Free Trade Agreement (SAFTA).

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