2017 marked 25 years of India`s dialogue partnership with ASEAN, 15 years of summits and five years of strategic partnership. List of agreements negotiated in the negotiation process. Agreements that have so far only been discussed without formal action by the parties concerned are not listed. India also signed a free trade agreement for services and investment with ASEAN in 2014, which entered into force in 2015. This initial agreement provided for a PES covering the areas of economic cooperation and a common list of items to be exchanged as a guarantee-building measure. The largest deficit is in Indonesia, which has abolished tariffs on only 50.1% of the items mentioned in the loan agreement of all measures. A comprehensive analysis of trade between India and its major FTA partners mentioned above shows a significant increase in trade since the implementation of the agreements. SAFTA came into effect on January 1, 2006, and according to data from the Ministry of Trade and Industry, bilateral trade between India and other SAFTA member countries increased from $6.8 billion in 2005-06 to $28.5 billion in 2018-2019. India`s trade with SAFTA has grown faster than all trade with the world.
As a result, the share of SAFTA countries in India`s international trade increased from 1.6% in 2005-2006 to 2.5% in 2018-2019. At the same time, India`s exports to SAFTA countries grew faster than their imports from them, resulting in a significant increase in the trade surplus with these economies from about $4 billion to $21 billion. The maximum growth in exports to the SAFTA region was recorded with Bangladesh and Nepal. In this type of agreement, two or more partners grant a preferential right of access to certain products. South Asia Regional Free Trade Agreement (SAFTA) with Pakistan, Nepal, Sri Lanka, Bangladesh, Bhutan and Maldives. To determine if the content is applicable to your business, you need to answer the following questions: India`s associations with the Association of Southeast Asian Nations (ASEAN) began their «Look East Policy» in 1991. India`s emphasis on a strengthened and multifaceted association with it is the result of ASEAN`s economic, political and strategic importance throughout the Asia-Pacific region and its potential to become a key partner of India in trade and investment. MERCOSUR is a trading community in Latin America founded in 1991 that includes Brazil, Argentina, Uruguay and Paraguay.