Outside Asia, free trade agreements have been concluded with Chile (2006) and MERCOSUR (2004). The main difference between a free trade agreement and an EPA is that there is a positive list of products in a EPZ for which tariffs need to be reduced; In a free trade agreement, there is a negative list on which tariffs are not reduced or abolished. Given the organization`s economic, political and strategic importance in the broader Asia-Pacific region, India attaches great importance to the development of its relations with ASEAN. However, there are two types of free trade agreements: bilateral and multilateral. Every customs union, every trade market, every economic union, every customs and monetary union also has a free trade area. List of agreements between two states, two blocs or one bloc and one state. The double taxation agreement must take into account the following conditions: taxation by two or more countries of the same income, asset or transaction, for example. B income paid by a unit in one country to a resident of another country. India is interested in such rules and some agreements on the Carbon Exchange SYSTEM have been incorporated into existing treaties. ASEAN is one of India`s main trading partners. The ECSC with ASEAN came into force on January 1, 2010 and bilateral trade between the two parties increased from about $43 billion in 2009-10 to $97 billion in 2018-19. As with SAFTA`s Indian trade, bilateral trade between India and ASEAN grew faster than India`s total trade with the world, resulting in an increase of 9.4% to 11.5% of ASEAN`s share of Indian world trade. However, unlike India-SAFTA trade, Indian imports from ASEAN grew significantly faster than Indian exports to ASEAN.
Another important point to take into account is that imports from ASEAN grew much faster than Indian imports from the world. The faster growth in imports has led to a significant increase in India`s trade deficit with ASEAN, from less than $8 billion in 2009-10 to about $22 billion in 2018-19. ASEAN`s share of India`s total trade deficit increased from about 7% to 12% over the same period. Cooperation is proposed in 13 sectors and each sector is led by Member States. These sectors are as follows: Indian associations with the Association of Southeast Asian Nations (ASEAN) began their “Look East Policy” in 1991. India`s focus on a strengthened and diverse association with India is the result of ASEAN`s economic, political and strategic importance in the Broader Asia-Pacific region and its potential to become an important trade and investment partner for India. In this context, On 8 October 2003, India concluded the framework agreement for the activation of its ECSC with ASEAN. In addition to the India-ASEAN ECSC, the Indeinem and Korean CEPAs were commissioned from 1 January 2010. In 2009-10 to 2018-19, bilateral trade between the two countries increased from about $12 billion to $21.5 billion and is more or less similar to trade in disinfaction with the world. However, Indian imports from Korea grew much faster than exports to Korea. While Indian imports increased by about 8%, exports to Korea increased by less than 4%.
Although imports from Korea grew faster than imports from the world, the growth rate of exports to Korea was much slower than Indian exports to the world. This has resulted in a significant increase in India`s trade deficit with Korea from $5 billion between 2009 and US$10 billion in 2018-19 and a significant increase in Korea`s share of India`s total trade deficit from 4.7% to 6.5% over the same period.