A free trade agreement is a preferential regime in which members reduce tariffs on trade between themselves while maintaining their own tariffs for trade with non-members. According to the agreement, the SAFTA instrument will be as follows: free trade agreement A free trade agreement between two countries or a group of countries has agreed to eliminate tariffs, quotas and preferences for most (if not all) products between them. Countries opt for a free trade agreement when their economic structures are complementary and not competitive. To date, India has concluded free trade agreements with the following two countries: a framework agreement for comprehensive economic cooperation between ASEAN and India was signed in Bali, Indonesia, on 8 October 2003. The main elements of the agreement include free trade agreements in the areas of goods, services and investment, as well as areas of economic cooperation. The agreement also provided for an Early Investment Programme (EHP) covering areas of economic cooperation and a common list of tariff concession exchange items as a guarantee-building measure. Afghanistan has bilateral agreements with the following countries and blocs: The TPP comprises twelve member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam, as shown in the map below. The TPP will cover 40% of global GDP2 and 33% of world trade. Switzerland (which has a customs union with Liechtenstein, sometimes contained in agreements) has concluded bilateral agreements with the following countries and blocs: There were also two regional trade agreements, the South Asia Free Trade Agreement (SAFTA, 2004) and the Association agreement of Southeast Asian Nations (ASEAN, 2010). For fully multilateral agreements (not listed below), see the list of multilateral free trade agreements. This is a list of free trade agreements between two parties where each party could be a country (or other customs territory), a trading bloc or an informal group of countries.
A comprehensive analysis of trade between India and its main FTA partners, mentioned above, shows a significant increase in trade since the agreements went into operation. SAFTA came into effect on 01 Bilateral trade between India and other SAFTA member countries increased from $6.8 billion in 2005-2006 to $28.5 billion in 2018-19, according to data from the Ministry of Trade and Industry. SAFTA`s Indian trade has grown faster than overall trade with the world. As a result, the share of SAFTA countries in India`s international trade increased from 1.6% in 2005-2006 to 2.5% in 2018-19. At the same time, India`s exports to SAFTA countries grew faster than their imports from them, resulting in a sharp 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. India views Regional Trade Agreements (PAAAs) as “building blocks” of the overall objective of trade liberalization. As a result, it participates in a number of SAAs, including structures such as Free Trade Agreements (FTAs), Preferential Trade Agreements (SAAs) and Comprehensive Economic Cooperation Agreements (CEAs).
An interactive list of bilateral and multilateral free trade instruments is available on trend analytics.  At a time when India has negotiated free trade agreements with a number of countries/groups, including the “European Community Economic Partnership”, and has decided to begin the review of the India-ASEAN Free Trade Agreement, it is important to review the progress of trade between India and its major free trade agreements. Some of the major free trade agreements that India has signed and implemented so far are the South Asia Free Trade Agreement (SAFTA), the India-ASEAN Economic Cooperation Agreement (CECAF), the India-Korea Comprehensive Economic Partnership Agreement (CEPA) and the India-Japan CEPA. . . .