Both parties agree that all trade between the two countries will be conducted in accordance with import, export and foreign exchange rules applicable from time to time in their respective countries. 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. Both sides, who wish to take all appropriate measures to develop trade between the two countries, agree to consider in their entirety all proposals to promote trade. 2.
On the basis of equality and mutual benefits, the two governments wish to maintain and develop existing trade between India and the Tibet region of the People`s Republic of China. Vietnam, which is becoming a huge competition for many economies, has already signed a trade pact with the EU. 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. The main objective of the proposed revision is to make the agreement “friendly, simpler and more business-friendly.” This is an important development for India, as there is growing concern in various circles, including industry, that the benefits to India have been very limited by the free trade agreements (FTCs), which the country has signed and implemented so far, including with ASEAN.