Note: Any customs union, every common market, any economic union, the Customs and Monetary Union and the Economic and Monetary Union are also a free trade area. ASEAN is one of India`s main trading partners. The ECSC with ASEAN came into force on January 1, 2010 and bilateral trade between the two parties increased from about $43 billion in 2009-10 to $97 billion in 2018-19. As with SAFTA`s Indian trade, bilateral trade between India and ASEAN grew faster than India`s total trade with the world, resulting in an increase of 9.4% to 11.5% of ASEAN`s share of Indian world trade. However, unlike India-SAFTA trade, Indian imports from ASEAN grew significantly faster than Indian exports to ASEAN. Another important point to take into account is that imports from ASEAN grew much faster than Indian imports from the world. The faster growth in imports has led to a significant increase in India`s trade deficit with ASEAN, from less than $8 billion in 2009-10 to about $22 billion in 2018-19. ASEAN`s share of India`s total trade deficit increased from about 7% to 12% over the same period. At present, India and Thailand do not agree on market access for professionals and tariff reductions for traded products and policy easing. Turkey has bilateral and multilateral agreements: Singapore and India successfully concluded the highly anticipated second revision of their preferential trade pact in June 2018. At a meeting on 10 September 2019 in Bangkok, Thailand, India, and the group of ten members of the Association of Southeast Asian Nations (ASEAN) decided to begin a review of the ASEAN-India Goods Trade Agreement, which has been in force since January 2010. The main objective of the proposed revision is to make the agreement “friendly, simpler and more business-friendly.” This is an important development for India, as there is growing concern in various circles, including industry, that the benefits to India have been very limited by the free trade agreements (FTCs), which the country has signed and implemented so far, including with ASEAN. SAFTA`s objective is to support and improve economic trade and cooperation between States Parties, including: on 8 October 2003, India adopted the framework agreement on the activation of the ECSC with ASEAN.
Afghanistan has bilateral agreements with countries and the following blocs: Several signed free trade agreements and other trade agreements are maintained only on paper, without the governments concerned having communicated on the implementation of the agreement. These agreements are simply not for commercial purposes. Consider the case of a preferential tariff agreement between India and China under the ESCAP. To date, the government has not issued a communication on this matter, so customs officers are unable to meet the agreed concession obligations. India also signed a free trade agreement with ASEAN in 2014, which came into force in 2015. India-Mercosur Preferential Agreement (PTA) A framework agreement between India and MERCOSUR was signed on 17 June 2003. The plan of this framework agreement is to create circumstances and mechanisms for discussion in the first phase, granting reciprocal tariff preferences and, in the second phase, negotiating a free trade area between the two parties in a conventional manner with World Trade Organization rules. As a result of the framework agreement, a preferential trade agreement was signed in New Delhi on 25 January 2004. The plan of this preferential trade agreement is to strengthen the accessible relationship between MERCOSUR and India and to support increased trade by introducing strong reciprocal tariff preferences with the ultimate goal of creating a free trade area between the parties.