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Asean And India Free Trade Agreement

In addition, Indonesia and India signed a Memorandum of Understanding (MoU) in 2005 establishing a Joint Study Group (JSG) to examine the positive aspects that would result from the signing of a Comprehensive Economic Cooperation Agreement (CCIA). CECAF is supposed to be an agreement covering economic cooperation and trade in goods and services and investment, which would lead to a higher level of mutually beneficial economic cooperation between the two countries. The JSG projected that CECAF would bring total exports between India and Indonesia to $17.5 billion in 2020, with exports from India reaching $7.8 billion and exports from Indonesia to $9.7 billion. Before the signing of the agreement, Kerala Chief Minister V.S. Achuthanandan, delegation to the Indian Prime Minister to protest against the free trade agreement. The state of Kerala is an important exporter in the domestic export of plantation products. It fears that cheap imports of rubber, coffee and fish will reduce domestic production and have a negative impact on farmers and, ultimately, their economy. [13] Kerala has already experienced a flood of its market of cheap imports under the 2006 South Asia Free Trade Agreement. Since then, Sri Lanka`s cheap coconuts and Malaysian palm oil have hampered Kerala coconut cultivation. [13] Revenues and the common border have a positive impact on bilateral trade flows.

ASEAN and India signed the ASEAN-India Trade in Goods (TIG) agreement on 13 August 2009 in Bangkok, after six years of negotiations. The ASEAN-India-WIG Agreement entered into force on 1 January 2010. At the 7th ASEAN-India Summit held in Cha-am Hua Hin, Thailand, on 24 October 2009, it was agreed to review the bilateral trade target of $70 billion, which is expected to be achieved over the next two years, indicating that the initial target of $50 billion set in 2007 could soon be exceeded. In the tourism sector, the number of visits from ASEAN to India in 2006 was 277,000, while the number of visits from India to ASEAN was 1.985 million in 2008. At the sixth ASEAN-India Summit, held in Singapore on 21 November 2007, India proposed to set a target of one million tourist arrivals from ASEAN to India by 2010. . .