India has signed multiple trade facilitation agreements with various countries and regional blocs, including FTAs (ASEAN), PTAs (MERCOSUR), CECAs (Singapore), and CEPAs (Korea).
Indian drug and medical device makers and exporters could enjoy greater market access in China after the country announced import tariff exemptions but concern over non-tariff barriers remains.
India and South Korea look to strengthen their bilateral trade and investment relations under CEPA and Make in India, with opportunities emerging in the infrastructure and manufacturing sectors.
Indian exporters could benefit from greater access to the Chinese market in the pharmaceuticals, software, and agricultural produce sectors due to China-US trade hostilities.
Recently, India and China slashed trade tariffs on a number of items for APTA member-countries – a possible outcome of increased trade tensions between the US and China.
India has doubled the import duty on 50 textile products to 20 percent to boost the Make in India initiative; however, countries like Bangladesh will continue to enjoy preferential market access.
India increased customs duties on 30 US products, including walnuts and motor cycle parts after the US withdrew concessions on steel and aluminum imports.
Singapore is a gateway for Indian companies expanding their trade and investment into ASEAN being an international financial center and a regional shipping and aviation hub.