India Trade Agreements with Other Countries Upsc

India is one of the fastest-growing economies in the world, with a GDP that is expected to reach 5 trillion dollars by 2024. To achieve this growth, India is actively pursuing trade agreements with other countries that will help to increase its exports and attract foreign investment.

The Civil Services Examination (CSE) conducted by the Union Public Service Commission (UPSC) is one of the most competitive exams in India. Aspirants who are preparing for the UPSC exams must be aware of India`s trade agreements with other countries.

In this article, we will look at some of the key trade agreements that India has signed with other countries and how they benefit India`s economy.

1. South Asian Free Trade Area (SAFTA)

SAFTA is a trade agreement between the eight member countries of the South Asian Association for Regional Cooperation (SAARC). The agreement was signed in 2004, and it came into effect in 2006. India is the largest economy in the SAARC region, and SAFTA is expected to increase intra-regional trade among member countries.

2. Comprehensive Economic Cooperation Agreement (CECA) with Singapore

CECA was signed between India and Singapore in 2005. The agreement covers trade in goods, services, and investment. Under CECA, both countries have agreed to reduce tariffs on goods, as well as provide greater market access for services and investment.

3. India-Korea Comprehensive Economic Partnership Agreement (CEPA)

India and Korea signed the CEPA in 2009. The agreement aims to increase trade in goods, services, and investment between the two countries. Under the CEPA, both countries have agreed to reduce tariffs on goods and to provide greater market access for services and investment.

4. India-ASEAN Free Trade Agreement (FTA)

The India-ASEAN FTA was signed in 2009, and it covers trade in goods and services. The agreement aims to increase trade and investment flows between India and the ten member countries of ASEAN. Under the FTA, India has agreed to reduce tariffs on goods, and ASEAN has agreed to provide greater market access for services and investment.

5. India-Japan Comprehensive Economic Partnership Agreement (CEPA)

India and Japan signed the CEPA in 2011. The agreement covers trade in goods, services, and investment. Under the CEPA, both countries have agreed to reduce tariffs on goods, as well as provide greater market access for services and investment.

These trade agreements have helped India to increase its trade and investment flows with other countries. They have also helped India to attract foreign investment and to increase its exports. Aspirants preparing for the UPSC exams must be aware of these trade agreements and their impact on India`s economy.