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Asean India Free Trade Agreement Malaysia

(ii) the products have not been marketed or consumed there; and the ASEAN-India Free Trade Area (AIFTA) is a free trade area between the ten member states of the Association of South Asian Nations (ASEAN) and India. The first framework agreement was signed in Bali, Indonesia, on 8 October 2003. [1] and the final agreement was 13 August 2009 [2] The free trade area entered into force on 1 January 2010. [3] [4] India hosted the last ASEAN-India Commemorative Summit in New Delhi on January 26, 2018. In FY2017/2018, bilateral trade between INDO and ASEAN increased by nearly 14 percent to $81.3 billion. India`s imports from ASEAN were estimated at $47.13 billion, while its exports to ASEAN amounted to $34.2 billion. [5] Since the early 2000s, India has faced a growing trade deficit with ASEAN, with imports exceeding exports by more than $6 billion between 2007 and 2008. [11] There are concerns that gradual tariff liberalization and increased imports into India could threaten several economic sectors, including the plantation sector, some processing industries and the marine products industry. [11] As the dominant exporter of light industrial products, ASEAN has competitive tariffs that make it more difficult for India to access the industrial market in ASEAN countries. [12] In addition, Indonesia and India signed a Memorandum of Understanding in 2005 establishing a Joint Study Group (JSG) to examine the positive aspects that would result from the signing of a Comprehensive Economic Cooperation Agreement (CCIA). CECAF is supposed to be an agreement covering economic cooperation and trade in goods and services and investment, which would lead to a higher level of mutually beneficial economic cooperation between the two countries. The JSG projected that CECAF would bring total exports between India and Indonesia to $17.5 billion in 2020, with exports from India reaching $7.8 billion and exports from Indonesia to $9.7 billion.

In 2008, relations between India and Brunei were improved in areas such as agriculture and defence during the visit of the Sultan of Brunei to India. During his visit, five agreements were signed, such as the Bilateral Agreement on Investment and Protection (BIPA) and the Memorandum of Understanding on Cooperation in the Information and Communication Technology Sector. While the ASEAN-India Free Trade Agreement has many advantages, India is concerned that the agreement could have several negative effects on the economy. As has already been said, both regions want to reduce their tariffs on a large part of their traded goods. This will allow them to improve market access for their products. There is criticism, however, that India will not see as significant an increase in market access for ASEAN countries as ASEAN in India. [9] The economies of ASEAN countries are largely export-oriented and maintain high export rates (in 2007, Malaysia had a rate above 100%[10]). [11] Given the above, as well as the global financial crisis and India`s expansionary domestic market, ASEAN countries will be eager to see India as a hotbed for its exports. [11] At the 10th ASEAN-India Summit, on 20 December 20 India and ASEAN concluded negotiations on free trade agreements for services and investment in New Delhi on 22 December 2012. Both sides expect bilateral trade to grow to $100 billion by 2015 and $200 billion in a decade. [8] In 2010, trade relations were further strengthened when the Lao Indian Chamber of Commerce signed several agreements and agreements with organizations such as the Lao Chamber of Commerce, the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry.

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 Joint Business Council were established to assess and identify potential trade routes and identify new areas of cooperation. . . .