The ASEAN-India Trade in Goods Agreement (TIG) was signed on 13 August 2009 to 7 August 2009 at the 7th ASEAN Minister of Economy (India Consultations) in Bangkok, Thailand. The Agreement entered into force on 1 January 2010 for India and certain ASEAN Member States. The entry into force of the Agreement by other ASEAN Member States and India is the date on which the ASEAN Member State and India are ready to implement the Agreement. For Brunei Darussalam, the implementation date of the trade agreement on products was 1 June 2010. ASEAN and India are still in negotiations for a services and investment agreement, which will complement all areas of the ASEAN-India Free Trade Area. Negotiations in these areas are not yet ongoing. The agreement establishing a joint bilateral cooperation commission was concluded during the state visit to India of President Gloria Macapagal Arroyo, on the 5th These consultations focused on trade and bilateral cooperation, focusing on politics, economy, security, education and training, culture, information technology and agriculture. “India should not consider entering into free trade agreements without adequately preparing agriculture and manufacturing,” said Biswajit Dhar, a professor at Jawaharlal Nehru University. He added that India has recorded a trade deficit in all major trade agreements except the South Asia Free Trade Agreement (SAFTA). In 2009, India signed a free trade agreement for goods with the regional bloc, known as the Asean-India Free Trade Agreement (AIFTA). In 2014, a free trade agreement was also concluded in the services sector.
India`s experience with free trade agreements in the past has not been encouraging, said Durgesh K Rai, Fellow, at the Indian Council for Research on International Economic Relations think tank. Due to many common views on important international issues, a mutually beneficial bilateral trade relationship has developed between India and the Lao People`s Democratic Republic. Trade relations between India and the Philippines began to flourish when a trade agreement was signed on May 29, 1979. In addition, in 1995, following the Philippines` first trade mission to India, a joint working group and a Joint Business Council were established to assess and identify potential trade routes and identify new areas of cooperation. Among the 15 RCEP countries, India has trade deficits with all countries except Laos, Cambodia, Myanmar and the Philippines. China, India`s main fear, accounts for 60 percent of the total deficit, according to a policy paper released by DBS Group, a Singapore-based multinational banking and financial company. ASEAN`s share of India`s total trade deficit increased from about 7% to 12% over the same period. The country also bled in its sweeping economic partnership agreement with South Korea, where its deficit rose from $5 billion in 2009-10 to $12 billion $US 2018-19.
The same applies to the Free Trade Agreement between India and Japan cePA, which entered into force on 1 August 2011. February 27 – In the third part of our asean-India free trade area analysis, we will look at India`s trade trends and statistics in Cambodia, Brunei, Laos and the Philippines. . . .