Let us use another source of information provided by countries with free trade agreements (SAAs). ASEAN is compromising 10 countries, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, philippines, Singapore, Thailand and Vietnam. monil shah posted 10 comments on Timesofindia.com to earn the Wordsmith Level 1 badge. Few economists have argued that by not signing the RCEP, Indian exporters would miss out on exporting to the RCEP countries. The unilateral shutdown of DTT with so many nations should be reviewed, especially when India is projected as a beacon of hope in the global economy. This is a regressive measure, as it increases the confusion of foreign investors who wish to invest in India. Similarly, the clause stipulating that at least five years of domestic litigation is necessary to take up international tribunals is a step in the wrong direction. This goes against the government`s slogan “more governance, less government” and the concept of “ease of exploitation” in the nation. Despite the fact that the ASEAN trade agreement has contributed to a significant increase in trade with India, the problem remains that the agreement has been more beneficial to the ASEAN region than India. With the product agreement signed, domestic markets are subject to fierce competition because they have to compete with cheaper products from the ASEAN region. For example, rubber imports from Malaysia, palm oil imports from Indonesia have put a strain on local palm oil and rubber producers, especially for Kerala rubber plantations, who have complained about cheaper imports since the agreement was signed. At a time when India has negotiated free trade agreements with a number of countries/groups, including the “Economic Partnership”, and has decided to start the review of the India-ASEAN Free Trade Agreement, it is important to review the progress of trade between India and its main FTA partners. Some of the major free trade agreements that India has signed and implemented to date include the South Asian Free Trade Agreement (SAFTA), the India-ASEAN Economic Cooperation Agreement (CECAF), the India-Korea Comprehensive Economic Partnership Agreement (CEPA) and the India-Japan CEPA.
When it comes to free trade agreements, India should be very careful about negotiating clauses. Despite a strong services sector in selected categories (IT, ITES, health and education, etc.), the agricultural and industrial sectors, especially micro, small and medium-sized enterprises, are still not as mature and strong as the other countries with which India negotiates free trade agreements. SAFTA entered into force on 01.
