India Has Signed Free Trade Agreement With Which Two Asian Countries

MERCOSUR is a business community in Latin America, founded in 1991, which includes Brazil, Argentina, Uruguay and Paraguay. It was created to facilitate the free movement of goods, services, capital and people between the four Member States. It is the fourth largest integrated market after the European Union (EU), the North American Free Trade Agreement (NAFTA) and ASEAN. February 7: The ASEAN-India Free Trade Area (AIFTA) is a free trade area made up of ten member states of the Association of South Asian Nations (ASEAN) and India. The initial framework agreement was signed on 8 October 2003 in Bali, Indonesia, and the final agreement was signed on 13 August 2009. The Free Trade Area came into force on January 1, 2010. The agreement establishing a joint commission for bilateral cooperation was signed during President Gloria Macapagal Arroyo`s state visit to India on 5 October 2007, with the aim of further strengthening and strengthening cooperation in the fields of trade, economy, science and technology. The constituent meeting was held in New Delhi on 15 March 2011, at which the two sides agreed to continue and expand cooperation initiatives in various areas, such as trade, agriculture and defence. Countries agree to implement capacity-building and technical assistance programmes, particularly for the new ASEAN Member States, to regulate their economic structure and increase trade and investment with India.

Countries may, if necessary, set up other agencies to coordinate and implement all economic cooperation activities under this agreement. According to the agreement, SAFTA`s instrument will be as follows: “All successful countries, especially our East Asian neighbours, have made their companies global players. These countries have adopted the right mix of policies that have paid off miserably. We all know how China has encouraged its domestic industry in recent decades,” he added. Afghanistan has bilateral agreements with countries and the following blocs:[1] India-Cambodia relations were further strengthened in 2011 during the first round of consultations at the Ministry of Foreign Affairs (FOC). These consultations focused on trade and bilateral cooperation, with a focus on politics, the economy, security, education and training, culture, information technology and agriculture. Since the early 2000s, India has had a growing trade deficit with ASEAN, with imports exceeding exports by more than $6 billion in 2007-08. [11] There are concerns that gradual liberalization of tariffs and increased imports to India could threaten several economic sectors, including the plantation sector, some processing industries and the maritime industry. [11] As a dominant exporter of light industrial products, ASEAN has competitive tariffs that prevent India from accessing the industrial market in ASEAN countries.

[12] After the virtual meeting of the ASEAN-India Economy Ministers last month, at which the decision to review the goods trade agreement was reiterated, India followed up to underline its urgency by writing to ASEAN Secretary General Lim Jock Hoi, Minister of Trade, Anup Wadhawan.