Trade Blocs-Indian Perspective
Analyzing India's Association With Different Trade Blocs
The following Trade Blocs are analyzed:
1> SAARC:
About:
The South Asian Association for Regional Cooperation was established on 8 December 1985 by the 7 governments representing India, Bangladesh, Bhutan, Maldives, Nepal, Pakistan & SriLanka. Afghanistan was added to the regional association in April 2007 and SAARC is headquartered in Kathmandu, Nepal. The objectives of this SAARC association are to promote the welfare of the peoples of SOUTH ASIA and to improve their quality of life. To accelerate economic growth, social progress and cultural development in the region and to provide all individuals the opportunity to live in dignity and to realise their full potentials. To promote and strengthen collective self-reliance among the countries of SOUTH ASIA. To contribute to mutual trust, understanding and appreciation of one another's problems. To promote active collaboration and mutual assistance in the economic, social, cultural, technical and scientific fields. To strengthen cooperation with other developing countries. To strengthen cooperation among themselves in international forums on matters of common interests and to cooperate with international and regional organisations with similar aims and purposes.
Relation with India: Geographically & Economically, India occupies almost 70% of SAARC region and India is the only country in the SAARC association to share borders with all other countries except SriLanka & Maldives which are Islands. The SAARC Preferential Trade Arrangement (SAPTA) signed in 1993 was the first step in trade liberalisation and it was later transformed to South Asian Free Trade Area (SAFTA) in 2004. In monetary terms, India has a favourable balance of trade with all nations of SAARC except Bhutan. We have a huge trade surplus with Bangladesh, SriLanka, Pakistan & Afghanistan. India’s exports to Bhutan is less than India’s imports from the land
The following Trade Blocs are analyzed:
1> SAARC:
About:
The South Asian Association for Regional Cooperation was established on 8 December 1985 by the 7 governments representing India, Bangladesh, Bhutan, Maldives, Nepal, Pakistan & SriLanka. Afghanistan was added to the regional association in April 2007 and SAARC is headquartered in Kathmandu, Nepal. The objectives of this SAARC association are to promote the welfare of the peoples of SOUTH ASIA and to improve their quality of life. To accelerate economic growth, social progress and cultural development in the region and to provide all individuals the opportunity to live in dignity and to realise their full potentials. To promote and strengthen collective self-reliance among the countries of SOUTH ASIA. To contribute to mutual trust, understanding and appreciation of one another's problems. To promote active collaboration and mutual assistance in the economic, social, cultural, technical and scientific fields. To strengthen cooperation with other developing countries. To strengthen cooperation among themselves in international forums on matters of common interests and to cooperate with international and regional organisations with similar aims and purposes.
Relation with India: Geographically & Economically, India occupies almost 70% of SAARC region and India is the only country in the SAARC association to share borders with all other countries except SriLanka & Maldives which are Islands. The SAARC Preferential Trade Arrangement (SAPTA) signed in 1993 was the first step in trade liberalisation and it was later transformed to South Asian Free Trade Area (SAFTA) in 2004. In monetary terms, India has a favourable balance of trade with all nations of SAARC except Bhutan. We have a huge trade surplus with Bangladesh, SriLanka, Pakistan & Afghanistan. India’s exports to Bhutan is less than India’s imports from the land