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It should be noted that India forged major free trade alliances with Asian countries (ASEAN, Japan and Korea) around the 10th G.A. Despite this, the share of these markets in Indian exports has declined over the past ten years, from 51% to 46%. While over the same period, the share of our exports from traditional markets such as the United States and Europe increased from 38% to 43% when it did not have a free trade agreement with any of the countries in the region. As governments around the world increasingly reset their approach to trade agreements amid the coronavirus pandemic, the Narendra Modi government is stepping up efforts to renew India`s trade relations with the rest of the world by revising its free trade agreement or strategy for a free trade agreement or free trade agreement. These include reviewing and renegotiating existing free trade agreements with ASEAN, Japan and Korea, as well as strengthening trade alliances with the European Union, the United Kingdom, the United States and Australia. Earlier this year, Trade and Industry Minister Piyush Goyal met on the sidelines of the World Economic Forum in Davos with EU Trade Commissioner Phil Hogan, Mexican Economy Minister Graciela Mérquez Colén, South African Trade Minister Ebrahim Patel and Japanese Minister of Economy, Trade and Industry Hide , to improve bilateral trade prospects. Bilateral agreements with South Korea, Japan and Sri Lanka are the only ones where the percentage increase in imports is greater than that of exports, the survey added. First, there have been a number of lessons learned from the experience of our previous free trade agreements. In 2018, a NITI-Aayog note on free trade agreements reported india`s unrivalled and growing trade deficits as a result of free trade agreements with ASEAN, Japan and Korea.

It is important that the deficit has also widened for India`s dominant value-added sectors, reflecting a deterioration in the quality of India`s trade with its free trade partners. 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.