Earlier this year, Trade and Industry Minister 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 Japanese Minister of Economy, Trade and Industry Hide , to improve bilateral trade prospects. 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. The Indeinem and Japanese EPS came into force on August 1, 2011. Bilateral trade between the two countries grew strongly during the year of its implementation, for example. B 2011-2012 compared to the previous year 2010-11. However, not only did the bilateral trade flow decline thereafter, but it experienced great volatility between 2011-12 and 2018-19. Although exports to Japan continued to increase during the implementation year. B 2011-12, they declined thereafter.
On the other hand, imports from Japan increased, but fluctuated manyly. However, as in the case of ASEAN and Korea, India`s trade deficit with Japan increased not only between 2011 and 2012-18-19, but also grew faster than India`s trade deficit with the world. List of agreements between two states, two blocs or one bloc and one state. Typically, trade agreements, including the one with the Association of South Asian Nations (Asean), have not worked in India`s favour, but experts felt that New Delhi should not only remain in common with other countries to stimulate trade, but also to be heard within the international community. Foreign Minister Harsh Shringla`s seven-day trip to Europe a few weeks ago is seen as an important development in this direction. On Thursday, the first autonomous summit between Prime Minister Narendra Modi and his counterpart Xavier Bettel was held via videoconference, the first highlighting the need to expand trade and economic cooperation between India and the EU. „We have not abandoned the principle of free and fair trade. The government is aware that „Atmanirbhar Bharat“ is neither protectionist nor isolationist. It`s about doing something together to improve local production of finished products, enjoying a better mix with the global value chain and ensuring fair trade,“ said the source. Each country adapts its policy to its best interest and we are no different,“ he added. One of the main reasons why India has not lost in its traditional markets such as the United States and the EU is the number of trade complementarities with these partner countries. Major U.S. imports from around the world include, for example, machinery, mineral fuels, pharmaceuticals, organic chemicals, gems and jewelry, furniture, etc., which are also India`s main export products.
A comprehensive analysis of trade between India and its key free trade partners, discussed above, shows a significant increase in trade since the agreements came into force. SAFTA came into force on 1 January 2006 and, according to the Ministry of Trade and Industry, bilateral trade between India and other SAFTA member states increased from $6.8 billion in 2005-06 to $28.5 billion in 2018-19. India`s trade with SAFTA grew faster than its overall trade with the world. As a result, SAFTA`s share of India`s international trade increased from 1.6% in 2005-06 to 2.5% in 2018-19. At the same time, Indian exports to SAFTA countries grew faster than their imports from them, resulting in a significant increase in the trade surplus with these economies from about $4 billion to $21 billion.