Trade Elements (WORLD TRADE ORGANIZATION, 2017):
| Major Trading Partners |
Exports: Afghanistan, Bhutan, Maldives, Nepal, Pakistan Imports: Afghanistan, Bangladesh, Maldives, Nepal, Pakistan, and Sri Lanka. |
| Major Imports/ Exports |
Exports: Refined petroleum and related products: 18% Jewelry, pearls, precious stones etc.: 13% Vehicles and vehicle parts: 4.7% Boilers, machinery, mechanical appliances: 4.4% Organic chemicals: 3.7% Imports: Mineral fuels including oil: U33.2% Gems, precious metals: 12.8% Electrical machinery, equipment: 10.3% Machinery including computers: 8.5% Organic chemicals: 4.4% Plastics, plastic articles: 3% Iron, steel: 2.4% Animal/vegetable fats, oils, waxes: 2% Optical, technical, medical apparatus: 1.9% Inorganic chemicals: 1.4% |
| Regional Trade Agreements and Member Countries |
Asia Pacific Trade Agreement (APTA) India – ASEAN Trade in Goods Agreement (India- ASEAN TIG) Bangladesh India Myanmar Sri Lanka Thailand Economic Cooperation (BIMSTEC) Global System of Trade Preferences (GSTP) South Asia Free Trade Agreement (SAFTA) India Sri Lanka Free Trade Association (ISLFTA) India Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) Japan India Comprehensive Economic Partnership Agreement (JICEPA) India Korea CEPA (IKCEPA) India Brazil South Africa (IBSA) India Israel FTA India Canada CEPTA India Peru CEPTA India Peru FTA |
Business Observations
Most of the trade agreements have been made based on the proximity of the trading partners (India's trade with its FTA partners: experiences, challenges and way forward, 2019).
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The value of both Indian exports and imports have increased tremendously over the past decade due to the trade agreements.
The trade agreements among member states have increased market competition to export certain products especially the products produced by most of the countries in the trade agreement (India's Free Trade Agreements, 2018).
References
WORLD TRADE ORGANIZATION, 2017. Retrieved from https://www.wto.org/english/thewto_e/countries_e/india_e.htm
India's trade with its FTA partners: experiences, challenges and way forward. (2019, October 7). Retrieved from https://economictimes.indiatimes.com/blogs/et-commentary/indias-trade-with-its-fta-partners-experiences-challenges-and-way-forward/
India's Free Trade Agreements. (2018, September 14). Retrieved from https://www.india-briefing.com/news/indias-free-trade-agreements-4810.html/
