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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".

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.

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.
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