Indian Bilateral Trade Agreements: An Overview

India, the seventh-largest country in the world by area and the second most populous country after China, has been actively engaging in bilateral trade agreements with various countries around the world to enhance its international trade relations.

Bilateral agreements are agreements between two countries that aim to promote trade and investment by reducing tariffs and other barriers to free trade. In recent years, India has signed several bilateral trade agreements with countries such as Japan, South Korea, and Australia.

Japan-India Comprehensive Economic Partnership Agreement

The Japan-India Comprehensive Economic Partnership Agreement (CEPA) is a bilateral trade agreement between India and Japan that aims to promote trade and investment between the two countries. The agreement was signed in 2011 and came into effect in 2012.

Under the agreement, both countries have agreed to reduce or eliminate tariffs on goods and services traded between them. The agreement also provides for easier access to the Japanese market for Indian products and services, and vice versa.

South Korea-India Comprehensive Economic Partnership Agreement

The South Korea-India Comprehensive Economic Partnership Agreement (CEPA) is a bilateral trade agreement between India and South Korea that aims to strengthen the economic ties between the two countries. The agreement was signed in 2009 and came into effect in 2010.

Under the agreement, South Korea has agreed to reduce or eliminate tariffs on various Indian products such as textiles, chemicals, and agricultural products. Similarly, India has agreed to reduce tariffs on South Korean products such as automobiles, electronics, and steel.

Australia-India Comprehensive Economic Cooperation Agreement

The Australia-India Comprehensive Economic Cooperation Agreement (CECA) is a bilateral trade agreement between India and Australia that aims to increase trade and investment between the two countries. The agreement was signed in 2011 and came into effect in 2015.

Under the agreement, India has agreed to reduce or eliminate tariffs on various Australian products such as dairy, meat, and wine. Australia has also agreed to reduce or eliminate tariffs on Indian products such as textiles, pharmaceuticals, and jewelry.

Conclusion

In conclusion, India has been actively engaging in bilateral trade agreements with various countries around the world to enhance its international trade relations. These agreements aim to promote trade and investment by reducing tariffs and other barriers to free trade.

The Japan-India CEPA, South Korea-India CEPA, and Australia-India CECA are some of the bilateral trade agreements that India has signed in recent years. These agreements provide for easier access to markets and better trade opportunities for businesses in both countries.