The formalisation of Asean-India Free Trade Agreement (AIFTA) covering the goods sector marks an important step towards India's deepening trade links with its partners in the Asian region.
'It seems a wiser decision to pull out at the right moment than regret after joining the pact,' explains Dr Rahul Mishra.
Among the current FTAs with significant trade deficits for India, five are with countries from the 10-nation Asean bloc. Exports to the 10 economies stood at $ 37.4 billion in 2018-19, up by 9% year on year. On the other hand, imports were higher at $ 59.31 billion, up by 25% from the previous year's $ 47.13 billion.
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