India, which has not signed a trade agreement since 2012, will soon resume talks on a possible free trade agreement with the European Union and the United States. Even when the Narendra Modi government withdrew from the Comprehensive Regional Economic Partnership (RCEP), it is eager to enter into trade agreements with other economic blocs, said a leading source, adding that India could clearly gain amid growing anti-Chinese sentiment in many parts of the world. It is a list of free trade agreements between two parties in which each party could be a country (or another customs territory), a trade bloc or an informal group of countries. Secondly, it is also essential that we strengthen the safeguard clauses in the existing free trade agreements, which are being revised, as well as in the new free trade agreements. Safeguard clauses must be designed so that domestic industry is protected in a timely manner in the event of a property violation. Delays often result in irreparable household damage. In addition, an interim safeguard clause should be introduced under free trade agreements so that import threats can be effectively controlled. Under the free trade agreement, safeguards should be provided when a volume or price trigger is reached for the products concerned. These clauses could be introduced in the sense of clauses contained in some EU free trade agreements with the rest of the world. In addition to the India-ASEAN ECSC, the Indeinem and Korean CEPAs were commissioned from 1 January 2010. In 2009-10 to 2018-19, bilateral trade between the two countries increased from about $12 billion to $21.5 billion and is more or less similar to trade in disinfaction with the world. However, Indian imports from Korea grew much faster than exports to Korea. While Indian imports increased by about 8%, exports to Korea increased by less than 4%.
Although imports from Korea grew faster than imports from the world, the growth rate of exports to Korea was much slower than Indian exports to the world. This has resulted in a significant increase in India`s trade deficit with Korea from $5 billion between 2009 and US$10 billion in 2018-19 and a significant increase in Korea`s share of India`s total trade deficit from 4.7% to 6.5% over the same period. „The high-level dialogue will aim to promote progress in trade and investment agreements, address trade policy issues, improve conditions for distributors and investors on both sides, and discuss supply links,“ he said in a joint statement after the talks. It should be noted that India forged major free trade alliances with Asian countries (ASEAN, Japan and Korea) around the 10th G.A. Despite this, the share of these markets in Indian exports has declined over the past ten years, from 51% to 46%. While over the same period, the share of our exports from traditional markets such as the United States and Europe increased from 38% to 43% when it did not have a free trade agreement with any of the countries in the region.