(2) In the meantime, trade between the two countries will continue on the basis of an agreement between the importers and the exporters concerned. During the negotiations leading to the conclusion of the current India-China trade agreement, the two delegations recognized that the problems related to inspections, investigations, navigation, insurance and the movement of businessmen needed to be examined and resolved in a practical manner in order to better achieve the objectives of the agreement and further strengthen trade relations between the two countries. These issues relate to specific issues rather than substantive issues, so both delegations agreed to postpone consideration of these issues to a later date. It is to be hoped that, in these subsequent discussions, our two governments will be able to find constructive solutions that will help promote and stimulate the flow of trade between our two countries. monil shah posted 10 comments on Timesofindia.com to earn the Wordsmith Level 1 badge. List of agreements between two states, two blocs or one bloc and one state. The EU is India`s largest trading partner, accounting for 11.1% of India`s total trade, on an equal footing with the United States and China (10.7%) ». We are confident that free trade agreements with the EU and the US will benefit India and that talks will resume,” said Gopal Krishna Agarwal, national spokesman for the Bharatiya Janata Party for Economic Affairs. “India is not opposed to trade agreements with other countries, although now, it seems, after the release of the RCEP, the popular idea is that we understand the need to remain integrated at the global and regional level,” Agarwal added. Overall, India`s experience in trade with its major free trade partners, with the exception of SAFTA, has not been very encouraging.
While India has significantly increased its exports from its free trade agreement with SAFTA countries, the EPA with Korea and the ECSC with ASEAN have been more beneficial to these economies. However, in the case of the EPA with Japan, bilateral trade declined or stagnated after the first year of implementation, but with Japan, too, the trade deficit increased considerably. In addition to a number of domestic factors that have hampered the competitiveness of Indian exports and prevented India from using preferential market access in these partner countries, a number of FTA-related issues are responsible for a less favourable development of India`s trade relations with ASEAN, Korea and Japan. These issues include erroneous obligations, stricter rules of origin, a lack of awareness of free trade agreements and high compliance costs. It is therefore important that India is not satisfied with the opening of a review of the India-ASEAN free trade agreement, but the existing EPA provisions with Korea and Japan should also be evaluated to make them more trade-friendly and business-friendly. However, it is equally important that India at the same time develop all necessary measures to remove barriers to the overall competitiveness of exports in the country. “India should not waste time now. It must act quickly before other countries seal the agreements,” S.K. Saraf, president of the Federation of Indian Export Organizations (FIEO), told Indianarrative.com. We need to restart discussions on the deadlock in free trade agreements and other trade pacts in order to take account of the changing geopolitical order. The current anti-Chinese sentiment in Europe could help India at this point, and we must not waste our chance. In addition to the India-ASEAN ECSC, the Indeinem and Korean CEPAs were commissioned from 1 January 2010.