What Trade Agreements Does India Have

The Eurasian Economic Union, composed of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, has concluded free trade agreements, see below. List of agreements between two states, two blocs or one bloc and one state. EFTA [17] has bilateral agreements with the following countries and blocs, including the dependent territories: aric.adb.org/fta-country, www.indiantradeportal.in/vs.jsp?lang=1&id=0,1,63,70: “From a trade balance perspective, India increased the annual surplus for industrial products by 0.7% and the annual trade surplus by 2.3% for the product as a whole,” according to Finance Minister Nirmala Sitharaman`s 2019-200 economic report released on Friday. A free trade agreement is a preferential regime in which members reduce tariffs on trade between themselves while maintaining their own tariffs for trade with non-members. Afghanistan has bilateral agreements with the following countries and blocs:[1] This is a list of free trade agreements between two parties in which each party could be a country (or another customs territory), a trade bloc or an informal group of countries. India is also part of SAFTA (South Asia Free Trade Agreement), BIMSTEC (to develop a free trade agreement), the Asia-Pacific Trade Agreement (preferential trade agreement with Bangladesh, China, Laos, South Korea and Sri Lanka) and IBSA (the India-Brazil-South Africa triangle, which aims to develop a free trade agreement with South Africa). India is firmly committed at the regional and unilateral level in all regions to strengthen economic cohesion. These agreements complement the WTO negotiations. These agreements aim at creating trade and diversifying trade and strengthening political relations. An interactive list of bilateral and multilateral free trade instruments can be find on the TREND Analytics website. [59] India has signed limited free trade agreements with Sri Lanka (1998) and Thailand (2003), as well as a series of preferential trade agreements (customs concession agreements) with countries/blocks such as Afghanistan, Nepal, Chile and Mercosur.

At a time when India has negotiated free trade agreements with a number of countries/groups, including the Comprehensive Economic Partnership (RCEP), and has decided to begin the review of the India-ASEAN free trade agreement, the state of trade between India and its major free trade partners needs to be examined. Major free trade agreements signed and implemented by India to date include the South Asia Free Trade Agreement (SAFTA), the India-ASEAN Comprehensive Agreement (ECSA), the India-Korea Comprehensive Economic Partnership Agreement (CEPA) and the Indian and Japanese EPA. Preferential trade agreements (EPAs) or the Generalized Preference System (GSP) are a special status granted in trade by different countries. In the United States, the goal is to stimulate economic growth in developing countries, and the agreement provides duty-free access for up to 4,800 products from 129 designated countries and territories.

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