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Free Trade Agreements Of India
India is party to free trade agreements (FTAs) and other trade agreements with many countries and trade blocs, and is negotiating with many others. According to the Ministry of Commerce and Industry, "India is a late, and cautious, starter in concluding comprehensive preferential tariff agreements covering substantially all trade with some of its trading partners." The negotiations for the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates were completed in 88 days, which was the shortest time span for any free trade agreement signed by India. Overview There are different types of trade agreements that enable preferential market access between India and signatory countries or trade blocs - preferential trade agreements (PTA), free trade agreements (FTA), and Comprehensive Economic Cooperation Agreements (CECA) and Comprehensive Economic Partnership Agreements (CEPA). A preferential trade agreement (PTA) involves two or more partners ag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Trade Agreement
A free-trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating states. There are two types of trade agreements: bilateral and multilateral. Bilateral trade agreements occur when two countries agree to loosen trade restrictions between the two of them, generally to expand business opportunities. Multilateral trade agreements are agreements among three or more countries, and are the most difficult to negotiate and agree. FTAs, a form of trade pacts, determine the tariffs and duties that countries impose on imports and exports with the goal of reducing or eliminating trade barriers, thus encouraging international trade. Such agreements usually "center on a chapter providing for preferential tariff treatment", but they also often "include clauses on trade facilitation and rule-making in areas such as investment, intellectual property, government procurement, technical standards and sanitary and phytosanitary i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australia–India Comprehensive Economic Cooperation Agreement
The Australia-India Comprehensive Economic Cooperation Agreement (AI-CECA) is a bilateral agreement between Australia and India. The two nations launched negotiations for a Comprehensive Economic Cooperation Agreement in May 2011. On 2 April 2022, an interim agreement was signed by Ministers Dan Tehan, representing the Morrison government of Australia and Piyush Goyal, representing the Modi Government of India. The agreement cuts tariffs on a range of Australian exports to India, including coal, lentils, sheep meat and wool, lobsters and rare earths. It also promised a phased reduction of tariffs on wine and other agricultural products including avocados, cherries, nuts, blueberries, almonds, oranges, mandarins, pears and strawberries. "We are opening the biggest door of one of the biggest economies in the world in India," Prime Minister Scott Morrison said ahead of the signing. Minister Tehan predicted the agreement would lead to a doubling of trade in coming years. "India an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duty Free Tariff Preference
Duty Free Tariff Preference (DFTP) is a unilateral non-reciprocal preferential tariff scheme provided by the Government of India for the least developed countries (LDCs). The scheme was officially introduced on 13 August 2008. India was the first developing country to introduce a preferential tariff program for the LDCs. Under the DFTP scheme, 98.2% of product categories originating from LDCs are offered duty free and preferential treatment. Only 1.8% of product categories imported into India from LDCs are subject to regular duties. As of March 2018, 31 LDCs benefit from the scheme. India made US$ 9.93 billion worth of imports from LDCs in 2016. India also provides preferential market access to Bangladesh, Bhutan, Maldives and Nepal under the South Asia Free Trade Arrangement, and to Laos and Bangladesh under the Asia-Pacific Trade Agreement. Background The World Trade Organization Hong Kong Ministerial Declaration of December 2005 required all developed countries, and developi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regional Comprehensive Economic Partnership
The Regional Comprehensive Economic Partnership (RCEP ) is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The 15 member countries account for about 30% of the world's population (2.2 billion people) and 30% of global GDP ($29.7 trillion), making it the largest trade bloc in history. Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea. The RCEP was conceived at the 2011 ASEAN Summit in Bali, Indonesia, while negotiations formally launched during the 2012 ASEAN Summit in Cambodia. India, which took part in the initial negotiations but later decided to opt out, was invited to join the bloc at any time. Any other country or separate customs territory in the region can accede to the pact from 1 July 2023 onward. The t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Southern African Customs Union
The Southern African Customs Union (SACU) is a customs union among five countries of Southern Africa: Botswana, Eswatini, Lesotho, Namibia and South Africa. Its headquarters are in the Namibian capital, Windhoek. It was established in 1910. History The SACU is the oldest existing customs union in the world. The first customs union in the area was established in 1889 between the British Cape Colony and the Boer republic of the Orange Free State. In 1891 British Bechuanaland and Basutoland joined, followed by Bechuanaland Protectorate in 1893 and Natal in 1899. Parallel to this process, the Boer republic of the South African Republic and Swaziland (then a protectorate of the South African Republic) formed a customs union in 1894. Following the Second Boer War, and the establishment of British control over the Boer republics, the Southern African Customs Union was formed in 1903 with the signing of a new Convention and replaced the previous arrangements. It consisted of Cape C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IBSA Dialogue Forum
The IBSA Dialogue Forum ( India, Brazil, South Africa) is an international tripartite grouping for promoting international cooperation among these countries. It represents three important poles for galvanizing South–South cooperation and greater understanding between three important continents of the developing world namely, Africa, Asia, and South America. The forum provides the three countries with a platform to engage in discussions for cooperation in the field of agriculture, trade, culture, and defence among others. The IBSA Dialogue Forum plays an increasingly important role in the foreign policies of India, Brazil, and South Africa. It has become instrumental for promoting ever closer coordination on global issues between three large multicultural and multiracial democracies of Asia, South America and Africa, and contributed to enhancing trilateral India-Brazil-South Africa cooperation in sectoral areas. Origin After the co-operation between India (South Asia), Braz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gulf Cooperation Council
The Cooperation Council for the Arab States of the Gulf ( ar, مجلس التعاون لدول العربية الخليج ), also known as the Gulf Cooperation Council (GCC; ar, مجلس التعاون الخليجي), is a regional, intergovernmental, political, and economic union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The council's main headquarters is located in Riyadh, the capital of Saudi Arabia. The Charter of the GCC was signed on 25 May 1981, formally establishing the institution. All current member states are monarchies, including three constitutional monarchies (Qatar, Kuwait, and Bahrain), two absolute monarchies (Saudi Arabia and Oman), and one federal monarchy (the United Arab Emirates, which is composed of seven member states, each of which is an absolute monarchy with its own emir). There have been discussions regarding the future membership of Jordan, Morocco, and Yemen. During the Arab Spring in 2011, Saudi Arab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bay Of Bengal Initiative For Multi-Sectoral Technical And Economic Cooperation
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of seven South Asian and Southeast Asian nations, housing 1.73 billion people and having a combined gross domestic product of US$4.4 trillion (2022). The BIMSTEC member states – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand – are among the countries dependent on the Bay of Bengal. Fourteen priority sectors of cooperation have been identified and several BIMSTEC centres have been established to focus on those sectors. A BIMSTEC free trade agreement is under negotiation (c. 2018), also referred Similar to SAARC. Leadership is rotated in alphabetical order of country names. The permanent secretariat is in Dhaka, Bangladesh. Background On 6 June 1997, a new sub-regional grouping was formed in Bangkok under the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation). Following the inclusion of Myanmar on 22 D ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Asian Association For Regional Cooperation
The South Asian Association for Regional Cooperation (SAARC) is the regional intergovernmental organization and geopolitical union of states in South Asia. Its member states are Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. SAARC comprises 3% of the world's land area, 21% of the world's population and 5.21% (USD 4.47 trillion) of the global economy, as of 2021. SAARC was founded in Dhaka on 8 December 1985. Its secretariat is based in Kathmandu, Nepal. The organization promotes economic development and regional integration. It launched the South Asian Free Trade Area in 2006. SAARC maintains permanent diplomatic relations at the United Nations as an observer and has developed links with multilateral entities, including the European Union. Historical background The idea of co-operation among South Asian Countries was discussed in three conferences: the Asian Relations Conference held in New Delhi in April 1947; the Baguio Conference in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Asian Free Trade Area
The South Asian Free Trade Area (SAFTA) is a 2004 agreement that created a free-trade area of 1.6 billion people in Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka with the vision of increasing economic cooperation and integration. One of the major goals was to reduce customs duties of all traded goods to zero by 2016. SAFTA required the developing countries in South Asia (India, Pakistan and Sri Lanka) to bring their duties down to 20 percent in the first phase of the two-year period ending in 2007. In the final five-year phase ending in 2012, the 20-percent duty was reduced to zero in a series of annual cuts. The least developed countries in the region had an additional three years to reduce tariffs to zero. India and Pakistan ratified the treaty in 2009, whereas Afghanistan, as the eighth member state of the SAARC, ratified the SAFTA protocol on 4 May 2011. History SAPTA The establishment of an Inter-Governmental Group (IGG) to formulat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Global System Of Trade Preferences Among Developing Countries
The Global system of trade preferences among developing countries (G.S.T.P) is a preferential trade agreement signed on 13 April 1988 with the aim of increasing trade between developing countries in the framework of the United nations conference on trade and development United regions U.R. Its entry into force was on 19 April 1989 and its notification to the WTO on 25 September 1989. Membership There are 42 country members of GSTP, including 7 LDCs (Bangladesh, Benin, Guinea, Mozambique, Myanmar, Sudan, and Tanzania). The Third Round of Trade Negotiations (São Paulo Round) concluded in December 2010, but has not yet become effective. The currently small number of concessions limits the utilization of the GSTP by LDCs. Current members states, participating since 19 April 1989, are: Bangladesh, Cuba, Ghana, India, Nigeria, Singapore, Sri Lanka, Tanzania, Zimbabwe Additionally current members states are: Algeria, Argentina, Benin, Bolivia, Brazil, Cameroon, Chile, Colombia, Ecuad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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