Free Trade Agreements of India: A Comprehensive Overview

India has been an active participant in the global trade arena and has been signing Free Trade Agreements (FTAs) with various countries and regions across the world. With the aim of boosting exports and increasing overall trade, India has been pursuing a proactive trade policy that includes engaging with free trade blocs and developing strategic partnerships with economies of interest. In this article, we will discuss the major free trade agreements of India and their implications.

ASEAN-India FTA

The ASEAN-India Free Trade Agreement (FTA) was signed in 2009, and it aims to enhance economic cooperation between India and the ten ASEAN countries. The agreement covers goods, services, and investment, and is expected to provide a boost to trade and investment flows between the two regions. Since India is one of the largest markets in the world, the agreement offers attractive opportunities for ASEAN member countries to expand their exports and investment into India.

India-Japan Comprehensive Economic Partnership Agreement (CEPA)

The India-Japan Comprehensive Economic Partnership Agreement (CEPA), signed in 2011, is a comprehensive agreement that covers not only goods and services but also investment, intellectual property rights, and various other areas of trade. With this agreement, India and Japan aim to strengthen their economic cooperation and promote investment between the two countries. The agreement offers various benefits to both countries, such as duty concessions, liberalization of trade in services, and protection of intellectual property rights.

India-Korea Comprehensive Economic Partnership Agreement (CEPA)

The India-Korea Comprehensive Economic Partnership Agreement (CEPA), signed in 2009, is a comprehensive agreement that covers various aspects of trade and investment between India and South Korea. The agreement aims to create a level playing field for businesses in both countries and strengthen their economic ties. The agreement offers benefits such as tariff reductions, removal of non-tariff barriers, and liberalization of investment.

India-Singapore Comprehensive Economic Cooperation Agreement (CECA)

The India-Singapore Comprehensive Economic Cooperation Agreement (CECA), signed in 2005, is a comprehensive agreement that covers goods, services, and investment. The agreement aims to promote economic cooperation between the two countries and provide a boost to bilateral trade and investment. The agreement offers benefits such as duty concessions, liberalization of trade in services, and protection of intellectual property rights.

India-Malaysia Comprehensive Economic Cooperation Agreement (CECA)

The India-Malaysia Comprehensive Economic Cooperation Agreement (CECA), signed in 2011, covers various aspects of trade and investment between India and Malaysia. The agreement aims to promote economic cooperation and provide a boost to trade and investment flows between the two countries. The agreement offers benefits such as tariff reductions, removal of non-tariff barriers, and liberalization of investment.

India-ASEAN Services and Investment Agreement

The India-ASEAN Services and Investment Agreement, signed in 2014, aims to promote economic cooperation between India and the ten ASEAN countries by liberalizing trade in services and investment. The agreement covers various sectors such as telecommunications, financial services, and professional services. The agreement offers benefits such as greater market access, national treatment, and most-favored-nation treatment.

Conclusion

India`s participation in free trade agreements is a significant step towards promoting economic cooperation and boosting trade and investment flows. The free trade agreements ensure a level playing field for businesses in both the countries, and offer attractive opportunities for businesses to expand their exports and investment into India. India`s proactive approach towards engaging in free trade agreements with various countries and regions is expected to lead to higher economic growth and prosperity in the coming years.