India Has Signed Free Trade Agreement With Which Two Asean Countries

« All prosperous countries, especially our East Asian neighbours, have made their businesses global players. These countries have adopted the right mix of policies that have paid off miserably. We all know how China has encouraged its domestic industry in recent decades, » he added. On 6 November 2008, in Makati, Metro Manila, Philippines, the 14th Minister of Transport of ASEAN (ASEAN) adopted the ASEAN-India Air Transport Cooperation Framework, which will form the basis for closer cooperation between ASEAN and India in the field of air transport. The ASEAN-India Air Services Agreement (AI-ATA) is being negotiated with the 2011 implementation schedule. Countries agree to implement capacity-building and technical assistance programmes, particularly for the new ASEAN Member States, to regulate their economic structure and increase trade and investment with India. Countries may, if necessary, set up other agencies to coordinate and implement all economic cooperation activities under this agreement. Over the years, discussions on reducing tariffs and removing non-trade barriers on various products of general interest, including palm oil products from Indonesia, pharmaceuticals and buffalo meat from India, have been carried out over the years. However, the ECSC has yet to be implemented.

The statistics for the other four countries are as follows: after carrying out its own internal scoping exercise, ASEAN wrote a letter to India in 2015 stating that it was not prepared to make the pact a « modern generation » pact with better coverage and stricter rules of origin. « Since then, ASEAN has been following the review relentlessly. » In 2012, India and Myanmar signed 12 MoUs, which expanded their cooperation in the areas of development, defence and border analysis, as well as trade and joint investment. Bilateral trade between India and Burma is expected to more than double by 2015, from $1.28 billion in 2011 to $3 billion. He added that India had recorded a trade deficit in all major trade agreements, with the exception of the South Asia Free Trade Agreement (SAFTA). The signing of the ASEAN-India trade agreement paves the way for the creation of one of the world`s largest free trade agreements – a market of nearly 1.8 billion people with a total GDP of $2.8 trillion. Under the ASEAN-India Free Trade Agreement, more than 90% of the products traded between the two dynamic regions, including so-called « special » products, such as palm oil (raw and refined), coffee, black tea and pepper, are filled with tariffs.