India – Asean- Ceca – Trade in Goods Services and Investment Agreement
The India-ASEAN-CECA (Comprehensive Economic Cooperation Agreement) trade agreement is one of the most significant trade agreements in the world. It aims to boost trade between India and the ASEAN countries, as well as between India and CECA countries (comprising of Singapore, South Korea, and Japan).
The agreement covers various aspects of trade, including trade in goods, services, and investment. The trade in goods section aims to eliminate tariffs on a large number of products between India and the ASEAN countries, as well as between India and CECA countries. This will open up new markets for businesses and enable them to increase their exports.
The services section of the agreement includes provisions for liberalizing trade in services, particularly in sectors such as telecommunications, banking, and information technology. The agreement also aims to facilitate the movement of professionals between India and the ASEAN countries, making it easier for businesses to hire talent from other countries.
The investment section of the agreement allows for greater investment by businesses in each other`s countries. This will help create jobs and promote economic growth in both India and the ASEAN countries.
The India-ASEAN-CECA trade agreement covers a large part of the world`s population and economy. India is the world`s sixth-largest economy, while the ASEAN countries collectively make up the world`s third-largest economy. As such, the trade agreement has the potential to have a significant impact on the global economy.
The agreement also comes at a time when India is seeking to deepen economic ties with Southeast Asia. This is part of India`s “Act East” policy, which aims to strengthen its relations with countries in the Asia-Pacific region.
To conclude, the India-ASEAN-CECA trade agreement has the potential to create significant economic benefits for both India and the ASEAN countries. It will open up new markets for businesses, facilitate the movement of professionals, and promote greater investment between the countries. As such, it is a positive step towards strengthening economic ties and promoting growth in the Asia-Pacific region.
