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Trade Agreements in India

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Trade Agreements in India

A deal related with tax, tariff and trade that include investment guarantees is broadly termed as trade agreement. Trade pacts may change economic customs and interdependence with trade partners grow deeper. The trade agreements increase efficiency through "free trade".

tradeagreement

From independence in 1947 and until the dawn of 1990s, the trade policy of India was very much dependent on "Swadeshi", self sufficiency thinking and the "license raj" system that put restrictions on production and imports.

Reforms between 1991 to 1996 liberalized trade, and thus the import tariffs were reduced, quantitative restrictions were eliminated, exchange rate were rectified and exemption of industries. It resulted in a yearly growth rate of around 7% instead of 3% as it was before.

India has signed 13 Free Trade Agreements (FTAs) with its trading partners, including the 3 agreements, namely India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), India-UAE Comprehensive Partnership Agreement (CEPA) and India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA) signed during the last five years. 

Now, India is a member of International Monetary Fund (IMF), the World Bank and the Asian Development Bank (ADB), SAARC and BIMSTEC and a founding member of GATT and the World Trade Organization (WTO).

India has signed trade agreements with numerous countries to boost up trade. Following is a list of the treaties being signed.

Trade Agreement 

India practiced trading agreements with various countries of the world to improve external trade. Foreign Trade Policy of India has always focused on substantially increasing the country's share of global merchandise trade. 

Trade Agreements Covered

  • Agreement on South Asia Free Trade Area (SAFTA)
  • Agreement on SAARC Preferential Trading Arrangement (SAPTA)
  • Asia Pacific Trade Agreement (APTA)
  • Comprehensive Economic Cooperation Agreement between India and ASEAN (FTA)
  • Comprehensive Economic Cooperation Agreement between India and Singapore
  • Comprehensive Economic Cooperation Agreement between India and Malaysia
  • Comprehensive Economic Cooperation and Partnership Agreement between India and Mauritius
  • Comprehensive Economic Partnership Agreement between India and Japan
  • Comprehensive Economic Partnership Agreement between India and South Korea
  • Comprehensive Economic Partnership Agreement between India and United Arab Emirates
  • Duty Free Tariff Preference for Least Developed Countries (DFTP)
  • Early Harvest Scheme (EHS) Between India and Thailand
  • Free Trade agreement Between India and Sri Lanka
  • Generalized Systems of Preferences Scheme of Australia for India
  • Generalized Systems of Preferences Scheme of Eurasian Economic Union for India
  • Generalized Systems of Preferences Scheme of European Union for India
  • Generalized Systems of Preferences Scheme of Japan for India
  • Generalized Systems of Preferences Scheme of New Zealand for India
  • Generalized Systems of Preferences Scheme of Norway for India
  • Generalized Systems of Preferences Scheme of Switzerland for India
  • Generalized Systems of Preferences Scheme of United Kingdom for India
  • Preferential Trade Agreement Between Indian and Afghanistan
  • Preferential Trade Agreement Between India and Chile
  • Preferential Trade Agreement Between India and MERCOSUR
To facilitate and thereby increase external trade activities with the rest of the world, the Department of Commerce, Government of India has developed this web portal.
Click here on https://www.indiantradeportal.in/
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