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International Trade Agreements of India: What You Need to Know
India has been an integral part of the global trade network for centuries. However, with the liberalization of Indian economy in 1991, the country has witnessed an unprecedented boom in its international trade agreements. India signed its first international trade agreement in 1950 with Burma, which has served as a springboard for the country`s current trade agreements.
In recent years, India has shown a great interest in diversifying its international trade agreements in order to create new markets and opportunities. Here are some of the most important international trade agreements of India.
1. ASEAN (Association of Southeast Asian Nations) Free Trade Area: India has signed a Free Trade Agreement (FTA) with ASEAN member states which include Indonesia, Brunei, Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The agreement was signed in 2009 and came into effect in 2010. The agreement has greatly helped India in increasing its exports to these countries and has facilitated greater investment and services cooperation.
2. SAARC (South Asian Association for Regional Cooperation) Preferential Trading Agreement: India is a member of SAARC, which comprises Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka. The Preferential Trading Agreement was signed in 1993 and came into effect in 1995. Under this agreement, member countries offer preferential tariff rates for certain commodities among themselves.
3. India-MERCOSUR (Mercado Común del Sur) Preferential Trade Agreement: MERCOSUR is a regional trade bloc comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela. The agreement was signed in 2004 and came into effect in 2005. The agreement has provided ample opportunities for Indian businesses to expand trade and investment with MERCOSUR member countries.
4. India-Singapore Comprehensive Economic Cooperation Agreement: This agreement was signed in 2005 and came into effect in 2006. The agreement covers trade in goods and services, investment and other areas. The agreement has helped in enhancing cooperation between the two countries in areas such as intellectual property, financial services and transportation.
5. India-Japan Comprehensive Economic Partnership Agreement: This agreement was signed in 2011 and came into effect in 2013. The agreement covers trade in goods, services and investment. The agreement has strengthened the economic relationship between India and Japan and has helped to increase bilateral trade.
Conclusion:
India`s international trade agreements have provided ample opportunities for the country to expand its global footprint. These agreements have helped India in expanding its trade, attracting foreign investment and creating new markets. However, there is still a lot of scope for India to increase its participation in the global trade network. As India continues to grow and develop, it is likely that we will see the country signing more international trade agreements to further boost its economy.
International Trade Agreements of India: What You Need to Know
India has been an integral part of the global trade network for centuries. However, with the liberalization of Indian economy in 1991, the country has witnessed an unprecedented boom in its international trade agreements. India signed its first international trade agreement in 1950 with Burma, which has served as a springboard for the country`s current trade agreements.
In recent years, India has shown a great interest in diversifying its international trade agreements in order to create new markets and opportunities. Here are some of the most important international trade agreements of India.
1. ASEAN (Association of Southeast Asian Nations) Free Trade Area: India has signed a Free Trade Agreement (FTA) with ASEAN member states which include Indonesia, Brunei, Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The agreement was signed in 2009 and came into effect in 2010. The agreement has greatly helped India in increasing its exports to these countries and has facilitated greater investment and services cooperation.
2. SAARC (South Asian Association for Regional Cooperation) Preferential Trading Agreement: India is a member of SAARC, which comprises Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka. The Preferential Trading Agreement was signed in 1993 and came into effect in 1995. Under this agreement, member countries offer preferential tariff rates for certain commodities among themselves.
3. India-MERCOSUR (Mercado Común del Sur) Preferential Trade Agreement: MERCOSUR is a regional trade bloc comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela. The agreement was signed in 2004 and came into effect in 2005. The agreement has provided ample opportunities for Indian businesses to expand trade and investment with MERCOSUR member countries.
4. India-Singapore Comprehensive Economic Cooperation Agreement: This agreement was signed in 2005 and came into effect in 2006. The agreement covers trade in goods and services, investment and other areas. The agreement has helped in enhancing cooperation between the two countries in areas such as intellectual property, financial services and transportation.
5. India-Japan Comprehensive Economic Partnership Agreement: This agreement was signed in 2011 and came into effect in 2013. The agreement covers trade in goods, services and investment. The agreement has strengthened the economic relationship between India and Japan and has helped to increase bilateral trade.
Conclusion:
India`s international trade agreements have provided ample opportunities for the country to expand its global footprint. These agreements have helped India in expanding its trade, attracting foreign investment and creating new markets. However, there is still a lot of scope for India to increase its participation in the global trade network. As India continues to grow and develop, it is likely that we will see the country signing more international trade agreements to further boost its economy.