Asean India Free Trade Agreement

The Indian government continued its efforts to develop air, land and sea routes to strengthen trade relations with Myanmar, as well as to build a pipeline. Countries also signed a bilateral border agreement on border trade in 1994, which will be implemented from designated points in Manipur, Mizoram and Nagaland. The two countries have mainly cooperated in agriculture, health, education, pharmacy, telecommunications, information technology, steel, oil, natural gas, hydrocarbons and food processing. Brunei`s main export to India was crude oil, while Brunei mainly imported textile products and spare parts from India. However, given the relatively high shipping costs between the two countries and the limited links between the Indian and Brunei communities, combined with the limited needs of Brunei`s small population, bilateral trade has been somewhat curbed. India`s trade with ASEAN focuses mainly on Singapore, Malaysia and Thailand. A more detailed description of trade flows between India and ASEAN is available in the following table: In 2010, India concluded a free trade agreement with Indonesia, which reduced import duties on products such as seafood, chemicals and clothing. In return, Indonesia reduced tariffs on imports of Indian products. In 2011, India and Indonesia signed a total of 18 agreements in the mining, infrastructure and manufacturing sectors, totalling $15.1 billion, in addition to a free trade agreement on goods. In order to mitigate losses resulting from the early stages of trade, the Indian government must be able to effectively redistribute some of the wealth to industries that are suffering from increased competition with ASEAN markets. [9] In this way, india`s Welfare Gains Package would increase and India would ultimately benefit from trade with ASEAN. 3.

The parties are free to use the method of calculating the AIFTA content, whether it is the direct or indirect method, and the contents of the AIFTA by the importing party are verified on the basis of the method used by the exporting party.