Read also: Modi started as a champion of free trade, but ends as a protectionist Afghanistan has concluded bilateral agreements with countries and the following blocs: For fully multilateral agreements (not included below) see: List of multilateral free trade agreements. It is important that the 2019-20 economic survey indicates that free trade agreements have generally been beneficial for India. Between 1993 and 2018, India`s exports of manufactured goods increased by an average of 13.4% for the partners with whom it entered into trade agreements, and those imports increased by 12.7%, it is claimed. In comparison, total exports of goods increased by 10.9% on average during this period and imports by 8.6%. The WTO has now forecast a decline in world trade from 13% to 32% in 2020, and economic growth is expected to be at its lowest level since the Great Depression of the 1930s. These will weigh on India, with analysts anticipating a GDP decline of up to 6.8% for the 21st GJ before a smart recovery next year, partly due to a favourable base. Earlier this year, the Minister of Trade and Industry, Piyush Goyal met on the sidelines of the World Economic Forum in Davos with EU Trade Commissioner Phil Hogan, Mexican Economy Minister Graciela Mérquez Colén, South African Trade Minister Ebrahim Patel and Japan`s Minister of Economy, Trade and Industry Makihara Hideki to improve bilateral trade prospects. Fifth, it is essential for India to carefully select its new free trade partners. While the focus should be on countries with greater trade complementarity, making the EU, the UK and the US natural allies, it must be kept in mind that these countries are tough negotiators. The India-EU free trade agreement has been on hold since 2007, as there is no consensus on sectors such as automotive, alcoholic beverages, dairy and fishing services, RRI and fashion 1 (ITES/BPO) and fashion 3 (specialist professionals). While Trade and Industry Minister Piyush Goyal hopes for a limited trade agreement with the United States after the U.S.
presidential election, a full-fledged free trade agreement with the United States is a remote possibility if conflicts such as pharma, data security and agriculture are not sorted. However, increased cooperation in new areas such as artificial intelligence, green technology, digital and medical equipment should lead to a more balanced outcome. As you know, the United States is a difficult negotiator, as we have seen recently. Read also: Modi, Trump had distanced himself from it. Now mega-trade agreements will be a return to Covid First, there have been a number of lessons learned from the experience of our previous free trade agreements. In 2018, a NITI-Aayog note on free trade agreements reported india`s unrivalled and growing trade deficits as a result of free trade agreements with ASEAN, Japan and Korea. It is important that the deficit has also widened for India`s dominant value-added sectors, reflecting a deterioration in the quality of India`s trade with its free trade partners. The Eurasian Economic Union, composed of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, has concluded free trade agreements, see below. “From a trade balance perspective, India gained 0.7% of the annual trade surplus for manufactured goods and an additional 2.3% trade surplus per year for the entire product,” said the 2019-20 business survey presented to Parliament on Friday by Finance Minister Nirmala Sitharaman. There are a number of issues that need to be addressed in India`s approach to free trade agreements and trade agreements in general. “We have not abandoned the principle of free and fair trade. The government is aware that “Atmanirbhar Bharat” is neither protectionist nor isolationist.