India's Trade Partners Essay

1347 words - 6 pages

A.Rajasekhar (IBF)
1226211201

India’s Trade Partners

Introduction

India’s current share of the world merchandise trade is 1.1 % and Services trade is 2.7 %. In merchandise trade, India’s target is to reach 5 % of the world trade by 2020. Along with improving export competitiveness, it is also important to improve information base regarding trade policy regime of India’s main trading partners and identify areas which impede market access of Indian goods and services. The present report is an endeavor in this direction capturing the market access barriers faced by Indian exporters in its major trading partners and other select countries, 24 in all.

Major trading partners:

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4% than the previous year. China is now India's biggest trading partner and ranks third in India's export to foreign countries. India is China's largest trading partner in South Asia.
The economic and trade cooperation between China and India is mutually beneficial and complimentary to each other. They are drawing on each other's strengths and pursue mutual benefit in various areas like infrastructure, environment protection, information technology, telecommunications, investment and finance. India has become one of the largest overseas project-contracting markets for China. In 2010, the total operation amount of these projects was USD 5.26 billion. Mutual investment has been made with steady growth in areas such as telecommunication, software, pharmaceuticals and other emerging industries.
Main products India exports to China are mineral products, base metal and textiles. Main products China exports to India are mechanic and electronic products, chemical products and base metal.
India & ASEAN trade relations:
Since its start about a decade ago, the partnership between India and the Association of South East Asian Nations (ASEAN) comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam has been developing at quite a fast pace. India became a sectoral dialogue partner of ASEAN in 1992. Mutual interest led ASEAN to invite India to become its full dialogue partner during the fifth ASEAN Summit in Bangkok in 1995. India also became a member of the ASEAN Regional Forum (ARF) in 1996. India and ASEAN have been holding summit-level meetings on an annual basis since 2002.

In August 2009, India signed a Free Trade Agreement (FTA) with the ASEAN members in Thailand. Under the ASEAN-India FTA, ASEAN member countries and India will lift import tariffs on more than 80 percent of traded products between 2013 and 2016, according to a release by the Ministry of Commerce and Industry. In January 2010, Singapore, Malaysia and Thailand accepted the FTA on goods. The other seven ASEAN countries are expected to operationalised the FTA by August 2010. India and ASEAN are currently negotiating agreements on trade in services and investment. The services negotiations are taking place on a request-offer basis, wherein both sides make requests for the openings they seek and offers are made by the receiving country based on the requests. India has made requests in a number of areas including teaching, nursing, architecture, chartered accountancy and medicine as it has a large number of English speaking professionals in these areas who can gain from job opportunities in the ASEAN region. India is also keen on expanding its telecom, IT, tourism and banking network in ASEAN countries.
Trade:
The deepening of ties between India and ASEAN is reflected in the continued buoyancy in trade figures. India’s trade with ASEAN countries has increased from US$ 30.7 billion in 2006-07 to US$ 39.08 billion in...

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