India has been actively working towards achieving free trade agreements with various countries across the globe in order to boost its economy and enhance trade relations. Free trade agreements, or FTAs, refer to agreements between countries to reduce or eliminate trade barriers, such as tariffs and quotas, to promote cross-border trade.
Here are the countries that India has free trade agreements with:
1. Sri Lanka
India signed a free trade agreement with Sri Lanka in 1998, which came into effect in 2000. This agreement provides for duty-free access to each other`s markets for many goods, and also includes provisions on trade liberalization, rules of origin, and dispute resolution.
2. Thailand
India and Thailand signed a free trade agreement in 2003, which came into effect in 2005. This agreement provides for duty-free access to each other`s markets for many goods, and also includes provisions on trade liberalization, rules of origin, and dispute resolution.
3. Singapore
India signed a free trade agreement with Singapore in 2005, which came into effect in 2006. This agreement provides for duty-free access to each other`s markets for many goods, and also includes provisions on trade liberalization, rules of origin, and dispute resolution.
4. South Korea
India and South Korea signed a free trade agreement in 2009, which came into effect in 2010. This agreement provides for duty-free access to each other`s markets for many goods, and also includes provisions on trade liberalization, rules of origin, and dispute resolution.
5. Japan
India and Japan signed a free trade agreement in 2011, which came into effect in 2012. This agreement provides for duty-free access to each other`s markets for many goods, and also includes provisions on trade liberalization, rules of origin, and dispute resolution.
6. Malaysia
India and Malaysia signed a free trade agreement in 2010, which came into effect in 2011. This agreement provides for duty-free access to each other`s markets for many goods, and also includes provisions on trade liberalization, rules of origin, and dispute resolution.
7. Association of Southeast Asian Nations (ASEAN)
India signed a free trade agreement with ASEAN in 2009, which came into effect in 2010. This agreement provides for duty-free access to each other`s markets for many goods, and also includes provisions on trade liberalization, rules of origin, and dispute resolution.
8. Nepal
India and Nepal signed a free trade agreement in 2009, which came into effect in 2010. This agreement provides for duty-free access to each other`s markets for many goods, and also includes provisions on trade liberalization, rules of origin, and dispute resolution.
In conclusion, India has been actively pursuing free trade agreements with various countries to enhance trade relations and boost its economy. These agreements have provided duty-free access to each other`s markets for many goods and included provisions on trade liberalization, rules of origin, and dispute resolution. It is expected that India will continue to pursue free trade agreements with other countries in the future.