In addition to the ECSC, Australia and India are participating in negotiations on the Comprehensive Regional Economic Partnership – a proposed ASEAN-centric free trade area that would initially include the ten ASEAN member states and countries with free trade agreements with ASEAN. According to the PHD Chamber report, India`s imports from asean countries increased sharply relative to its exports to those countries after the signing of these agreements. He added that India had recorded a trade deficit in all major trade agreements, with the exception of the South Asia Free Trade Agreement (SAFTA). In order to deepen trade relations, the governments of Australia and India began negotiations on the Australia-India Comprehensive Economic Cooperation Agreement (ECSC) in 2011. Negotiations are expected to conclude shortly, resulting in a series of bilateral trade agreements between Australia and its key partners in the Asian region. The implementation of the ECSC with India is expected to make a significant contribution to continued growth in trade in goods and services as well as investment. India and Indonesia have begun negotiations on the Comprehensive Economic Cooperation Agreement (ECSC). The Committee on the Environment, Health, Environment, Health and Safety, Health, Health, Health, Environment, Health and The Travel of Minister of Trade and Industry A. Sharma to the Indonesia-India Biennial Trade Ministers` Forum (BTMF) in Jakarta wins due to the fact that India .. Another interesting observation in the paper is that India`s net exports to non-trade countries were only slightly lower than its net exports to countries with free trade agreements. On the other hand, imports from countries with trade agreements were much larger, resulting in a trade deficit for India. Formal negotiations for the ECSC began in 2011 and continued in 2014, when Prime Ministers Abbott and Modi renewed the two countries` commitment to a balanced and mutually beneficial agreement quickly. In April 2015, then-Australian Trade Minister Andrew Robb visited India.
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. The maximum growth in exports to the SAFTA REGION was recorded with Bangladesh and Nepal. At a meeting on 10 September 2019 in Bangkok, Thailand, India, and the group of ten members of the Association of Southeast Asian Nations (ASEAN) decided to begin a review of the ASEAN-India Goods Trade Agreement, which has been in force since January 2010.