Full multilateral agreements (not listed below) see: List of multilateral free trade agreements. “The overall impact on India`s exports on the partners with whom the agreements were signed is 13.4% for manufactured goods and 10.9% for total products. The overall effects on imports are less significant (12.7% for manufactured goods and 8.6% for total,” he said. India is also part of SAFTA (South Asia Free Trade Agreement), BIMSTEC (to develop a free trade agreement), the Asia-Pacific Trade Agreement (preferential trade agreement with Bangladesh, China, Laos, South Korea and Sri Lanka) and IBSA (the India-Brazil-South Africa triangle, which aims to develop a free trade agreement with South Africa). Overall, India`s experience in trade with its major free trade partners, with the exception of SAFTA, has not been very encouraging. While India has significantly increased its exports from its free trade agreement with SAFTA countries, the EPA with Korea and the ECSC with ASEAN have been more beneficial to these economies. However, in the case of the EPA with Japan, bilateral trade declined or stagnated after the first year of implementation, but with Japan, too, the trade deficit increased considerably. In addition to a number of domestic factors that have hampered the competitiveness of Indian exports and prevented India from using preferential market access in these partner countries, a number of FTA-related issues are responsible for a less favourable development of India`s trade relations with ASEAN, Korea and Japan. These issues include erroneous obligations, stricter rules of origin, a lack of awareness of free trade agreements and high compliance costs. It is therefore important that India is not satisfied with the opening of a review of the India-ASEAN free trade agreement, but the existing EPA provisions with Korea and Japan should also be evaluated to make them more trade-friendly and business-friendly.
However, it is equally important that India at the same time develop all necessary measures to remove barriers to the overall competitiveness of exports in the country.