Trade Agreements in India

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.

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. 

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