India, one of the largest economies in the world, has been actively engaging in trade agreements with various countries over the past few years. These agreements not only boost the country`s economy but also provide opportunities for foreign investments and trade.
Here are some of the recent trade agreements of India:
1) India-Australia Comprehensive Economic Cooperation Agreement (CECA)
In June 2020, India and Australia announced the commencement of negotiations for a CECA. The agreement is expected to cover goods, services, and investment, along with other areas of economic cooperation. The goal is to increase bilateral trade and investment between the two countries.
2) India-US Trade Agreement
India and the US have been negotiating a trade agreement since 2018. The agreement is expected to cover a wide range of areas, including agriculture, e-commerce, and intellectual property. However, negotiations have been slow due to various issues such as tariffs on certain goods and restrictions on visas for Indian workers.
3) India-UK Comprehensive Economic Partnership Agreement (CEPA)
The UK is a major trading partner of India, and the two countries have been working on a CEPA since 2018. The agreement aims to increase bilateral trade and investment, and provide more market access for both countries. Negotiations are ongoing, and the agreement is expected to be finalized soon.
4) India-Japan Economic Partnership Agreement (EPA)
India and Japan signed the EPA in 2011, which came into effect in 2013. The agreement covers areas such as trade in goods and services, investment, and intellectual property rights. Under the EPA, both countries have seen an increase in bilateral trade and investment.
5) Regional Comprehensive Economic Partnership (RCEP)
The RCEP is a trade agreement between 15 Asia-Pacific countries, including India, China, Japan, South Korea, and Australia. The agreement covers various areas such as trade in goods and services, investment, and intellectual property rights. However, in November 2019, India decided to withdraw from the RCEP due to concerns over China`s influence and the impact on its domestic industries.
In conclusion, India`s engagement in trade agreements with various countries is crucial for its economic growth and development. These agreements not only provide opportunities for foreign investments and trade but also help in strengthening bilateral ties. As India continues to negotiate and sign trade agreements, it is important to ensure that the agreements are beneficial to its domestic industries and the overall economy.