India has been an active participant in international trade for several decades. The country has signed various trade agreements with other countries to facilitate the exchange of goods and services, as well as to promote economic growth. These agreements have helped India to broaden its trade relationships and increase its export potential.
India has signed several free trade agreements (FTAs) with countries such as Japan, Korea, ASEAN, and Singapore. These agreements have helped in the reduction of tariff barriers, simplification of customs procedures, and the elimination of non-tariff barriers. The FTAs have helped Indian businesses to access new markets and increase trade volumes.
India has also signed bilateral investment treaties (BITs) with more than 80 countries. These agreements provide protection to investors against expropriation and other forms of discrimination. They also help in promoting foreign direct investment (FDI) in India. The BITs have helped in increasing FDI inflows into India, which has helped in the development of the country.
The Comprehensive Economic Cooperation Agreement (CECA) signed with Sri Lanka has helped to increase trade between the two countries. This agreement has helped to reduce tariff barriers and promote investments in both countries. The CECA has helped to deepen the economic ties between India and Sri Lanka.
India is also a member of the World Trade Organization (WTO), which is an international organization that promotes free trade. As a member of the WTO, India has access to a global market of over 160 countries. The WTO has helped in the reduction of trade barriers and the promotion of global trade.
India`s trade agreements have helped to increase trade volumes, promote FDI, and deepen economic ties with other countries. They have also helped to create new opportunities for Indian businesses and increase India`s competitiveness in the global market. These agreements have played an important role in the economic development of India.