With Which Countries India Has A Free Trade Agreement
Third, the post-Covid global trade order will most likely be influenced by geopolitical decisions. Many countries are now cautious about China and could strategically align with other trading partners for import supply. India has a good chance here and should fill the void by developing its champion sectors with immediate urgency. India can lasy down on evidence from Vietnam and Bangladesh, which are doing extremely well as alternative destinations for companies relocating production from China. Existing and newly signed free trade agreements should take this trend into account and allow for certain economic concessions instead of strategic objectives. Political decisions often involve trade-offs between economic and political, and choosing the right compromise is essential. Afghanistan has bilateral agreements with the following countries and blocs: Overall, India`s experience in trade with its main FTA partners has not been very encouraging, with the exception of THE CEFTA. While India has made significant gains in terms of exports through its free trade agreement with SAFTA countries, CEPA with Korea and ECSC with ASEAN have been more beneficial to these economies. However, in the case of CEPA with Japan, bilateral trade decreased or stagnated after the 1st year of implementation, but the trade deficit with that country also increased significantly. In addition to a number of domestic factors that have hampered the competitiveness of Indian exports and prevented India from benefiting from preferential market access in these partner countries, a number of issues related to free trade agreements are responsible for a less favourable development of India`s trade relations with ASEAN, Korea and Japan. These problems include imperfect obligations, stricter rules of origin, lack of knowledge of free trade agreements, and high compliance costs. It is therefore important that India does not remain satisfied with the launch of a revision of the India-ASEAN Free Trade Agreement, but also that the existing provisions of the EPIC with Korea and Japan are evaluated in order to make them more pro-trade and business-friendly. .