India is one of the world`s fastest growing major economies and an important player in global economic governance. India is an important trade and investment partner for the EU. It is an important and dynamic market, with an annual GDP growth rate of around 6% (before Covid-19). The Government of the Republic of India and the Central Government of the People`s Republic of China, driven by the common desire to develop trade between the two countries and to achieve the already existing friendship between the governments and peoples of India and China, on the basis of equality and mutual utility, are in favour of an agreement , ASEAN is one of India`s main trading partners. The ECSC with ASEAN came into force on January 1, 2010 and bilateral trade between the two parties increased from about $43 billion in 2009-10 to $97 billion in 2018-19. As with SAFTA`s Indian trade, bilateral trade between India and ASEAN grew faster than India`s total trade with the world, resulting in an increase of 9.4% to 11.5% of ASEAN`s share of Indian world trade. However, unlike India-SAFTA trade, Indian imports from ASEAN grew significantly faster than Indian exports to ASEAN. Another important point to take into account is that imports from ASEAN grew much faster than Indian imports from the world. The faster growth in imports has led to a significant increase in India`s trade deficit with ASEAN, from less than $8 billion in 2009-10 to about $22 billion in 2018-19.
ASEAN`s share of India`s total trade deficit increased from about 7% to 12% over the same period. The Eurasian Economic Union, composed of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, has concluded free trade agreements, see below. An interactive list of bilateral and multilateral free trade instruments can be find on the TREND Analytics website.  A list of trade agreements already signed by India or engaged in negotiations is described below- 2. On the basis of equality and mutual benefits, the two governments wish to maintain and develop existing trade between India and the Tibetan region of the People`s Republic of China. monil shah posted 10 comments on Timesofindia.com to earn the Wordsmith Level 1 badge.