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India Trade Agreement With Asean

According to the PHD Chamber report, India`s imports from ASEAN countries increased sharply relative to its exports to these countries after the signing of these agreements. „Out of 21 sectors, the overall trade balance deteriorated (reduction of surpluses or increase of deficit) in 10 to 13 sectors. Only the places where we have done better are ceramics, cement, paper, animal products, etc. Only 10% of lines are excluded. want to increase this in line with other countries like Thailand or Myanmar,“ he said. But in September 2019, during their meeting in Bangkok with India`s trade minister, ASEAN`s economy ministers agreed to „launch“ the revision of the goods pact. „India should not consider entering into free trade agreements without adequately preparing agriculture and manufacturing,“ said Biswajit Dhar, a professor at Jawaharlal Nehru University. The ASEAN-India Free Trade Area (AIFTA) is a free trade area between the ten member states of the Association of South Asian Nations (ASEAN) and India. The first framework agreement was signed in Bali, Indonesia, on 8 October 2003. [1] and the final agreement was 13 August 2009 [2] The free trade area entered into force on 1 January 2010.

[3] [4] India hosted the last ASEAN-India Commemorative Summit in New Delhi on January 26, 2018. In FY2017/2018, bilateral trade between INDO and ASEAN increased by nearly 14 percent to $81.3 billion. In 2014, a free trade agreement was also concluded in the services sector. In contrast, India has been granted the ASEAN Economic Cooperation Agreement, to which it acceded in 2010. [11] Given the above, as well as the global financial crisis and India`s expansionary domestic market, ASEAN countries will be eager to see India as a hotbed for its exports. [11] ASEAN`s share of India`s total trade deficit increased from about 7% to 12% over the same period. . .