At the United Nations General Assembly (UNGA) meeting, Prime Minister Modi championed Aatmanirbhar Bharat`s cause of making India a force multiplier for the global economy. The government has identified 27 champion sectors that can compete globally through the initial workforce. However, in sectors/industries where national capacities are insufficient, dependence on quality and competitive imports is inevitable. This is where the role of free trade agreements begins. A comprehensive analysis of trade between India and its main FTA partners, mentioned above, shows a significant increase in trade since the agreements went into operation. SAFTA came into effect on 01 Bilateral trade between India and other SAFTA member countries increased from $6.8 billion in 2005-2006 to $28.5 billion in 2018-19, according to data from the Ministry of Trade and Industry. SAFTA`s Indian trade has grown faster than overall trade with the world. As a result, the share of SAFTA countries in India`s international trade increased from 1.6% in 2005-2006 to 2.5% in 2018-19. At the same time, India`s exports to SAFTA countries grew faster than their imports from them, resulting in a sharp increase in the trade surplus with these economies from about $4 billion to $21 billion. The maximum growth in exports to the SAFTA region was recorded with Bangladesh and Nepal.
It is remarkable that India has forged major free trade alliances with Asian countries (ASEAN, Japan and Korea) around the GJ10. Despite this, the share of these markets in Indian exports has declined over the past decade, from 51% to 46%. Over the same period, the share of traditional markets like the United States and Europe in our exports increased from 38% to 43%, although none of the countries in the region have concluded a free trade agreement. . . .
netviper digital studio