Trade Agreements In India
An interactive list of bilateral and multilateral free trade instruments is available on trend analytics.  In general, trade agreements, including the agreement with the Association of South Asian Nations (ASEAN), have not worked in India`s favour, but experts felt that New Delhi should not only cooperate with other countries to boost trade, but also be heard in the international community. Foreign Minister Harsh Shringla`s seven-day trip to Europe a few weeks ago is seen as an important development in this direction. On Thursday, the first India-Luxembourg summit was held by videoconference between Prime Minister Narendra Modi and his counterpart, Xavier Bettel, the former of whom stressed the need to develop trade and economic cooperation between India and the EU. Fifth, it is essential for India to carefully choose its new FTA partners. While the focus should be on countries with greater trade keyivity, which makes the EU, uk and US natural allies, it should be borne in mind that these countries are fierce negotiators. The Free Trade Agreement between India and the EU has been on hold since 2007 due to the lack of consensus on sectors such as automotive, alcoholic beverages, dairy and fisheries, IPR and Fashion 1 (ITES/BPO) and Fashion 3 (skilled professionals). While Trade and Industry Minister Piyush Goyal hopes for a limited trade deal with the US after the US presidential election, a full-fledged free trade agreement with the US is a distant possibility, unless conflict zones such as pharma, data security and agriculture are regulated. However, increased cooperation in new areas such as artificial intelligence, green technologies, digital and medical equipment should lead to a more balanced outcome. The United States is known to be a fierce negotiator, as we have seen recently. First, there have been a number of lessons learned from the experience of our previous free trade agreements. In 2018, a NITI Aayog note on free trade agreements highlighted India`s relentless and expanding trade deficits accumulated as a result of free trade agreements with ASEAN, Japan and Korea.
It is important that the deficit has also increased for India`s dominant value-added sectors, due to a deterioration in the quality of India`s trade with its FTA partners. It is remarkable that India has forged major free trade alliances with Asian countries (ASEAN, Japan and Korea) around the GJ10. Despite this, the share of these markets in Indian exports has declined over the past decade, from 51% to 46%. Over the same period, the share of traditional markets such as the United States and Europe in our exports increased from 38% to 43%, although none of the countries in the region have concluded a free trade agreement. Afghanistan has concluded bilateral agreements with the following countries and blocs: But in this context, where most nations are cautious in their trade strategy, India needs to focus on deep bilateral free trade agreements with trading partners that have maximum trade convergences, especially the US and the EU. For the US, our unused export potential as a percentage of current exports is around 60%, compared to 90% for the EU. .