India won key concessions at the RCEP Singapore Ministerial held on August 30-31, including an agreement to liberalize the services market and allow for bilateral negotiations with non-FTA partners.
The EAEU and India are negotiating a free trade zone agreement to tap into each others markets, exchange technology know-how, and boost trade flows through liberalization.
Maximalist positions on core issues threaten to derail RCEP negotiations. India seeks concessions on the movement of skilled professionals while member countries demand tariff relaxation on 92 percent of traded goods from India.
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.