India Regional Relations – Asia is the largest continent on earth, accounting for about 30% of the earth’s land area. It is also the most populous continent in the world, with about 60% of the total population. Asia forms the eastern part of the Eurasian supercontinent.
Europe occupies the West. The border between the two continents is being debated. However, most geographers define the western boundary of Asia as an indirect line leading to the Ural Mountains, the Caucasus Mountains, the Caspian Sea, and the Black Sea. Asia borders the Arctic, Pacific, and Indian ocean.
Physical geography, Asian environment and resources, and human geography can be considered separately. Asia can be divided into five major physical regions that are mountain systems, plateaus, plains, grasslands, and deserts. Freshwater environment and saltwater environments.
India as a World Power
74 years after independence, India stands at a critical crossroads. The country is ready to establish itself as a great power. But the key question is whether India can achieve this status due to internal and external constraints.
Several reports recently issued by international organizations project a big power picture on India. But is India developing in this direction?
Twenty-five years ago, in 1995, the US Department of Commerce declared India an “emerging giant”. Since then, US and global investment and enthusiasm for India have grown. India is playing a more active role in global politics and the economy. Perceptions of India have changed, but big questions remain.
Is India headed for a big day of power? This article aims to discuss the issue and look for possible answers on the eve of the 74th Independence Day.
India’s Outlook
India’s outlook for the Great Day of Power is mixed. The Indian economy has grown at a satisfactory pace over the past two decades (2000-2019). The average real GDP growth rate for this period was 6.51%, one of the highest in the world.
India will become the world’s second-largest economy in terms of purchasing power parity GDP in 2050, according to a report published in 2017 by London-based Price Waterhouse Cooper (PWC). second only) to overtake the United States.
Terms (PPP). The report ranked India third (after China and the United States) in 2016 in terms of GDP on a purchasing power parity basis. A separate report titled 2020 Military Power Rankings released by Global Fire Power, an international body working on the military strength of 138 countries around the world, ranked India’s conventional weapons-based military power fourth in the world. Ranked.
According to a Report Titled World Economic Update
According to the IMF (International Monetary Fund) June 2020 report, India’s real GDP growth will be -4.5% in 2020 but will return to growth of 6% in 2021. , predicts global growth at -. 4.9 cause of the pandemic. Given these reports, India could become a major contender for power in the near future.
But be careful. Measuring national strength (NP) does not rely solely on a country’s economic or military strength. The power of a state actually depends on many attributes such as geography, economy, military strength, industrial and technological development, leadership, political stability, demographic issues, etc. Without considering all these factors Digging into NP computation is inappropriate. However, economy and military power always proved to be important factors in all calculations of NP.
India’s Regional Trade Relations
Free Trade Agreement (FTA)
It is an agreement between two or more countries to break down import and export barriers. Under free trade policies, goods and services can be bought and sold across borders without government tariffs, quotas, subsidies, or prohibitions that prevent exchange.
Free Trade Agreement with India
India’s free trade agreement was put into cold storage after India withdrew from her FTA group of 15 countries including Japan, China, and Australia in November 2019, the Regional Comprehensive Economic Partnership (RCEP). However, in May 2021, there was an announcement that negotiations between India and her EU, which had stalled in 2013, would resume.
Both sides are currently working on internal preparations to move forward with these different work streams. India is negotiating bilateral free trade agreements with the United Arab Emirates, the UK, Australia, and Canada. The deal with the United Arab Emirates was “close to completion” and the free trade deal with Australia was “very advanced”.
India has 13 Regional Trade Agreements (RTAs)/Free Trade Agreements with various countries/regions such as Japan, South Korea, ASEAN countries and South Asian Association for Regional Cooperation (SAARC) countries, Mauritius, United Arab Emirates, Australia, etc. (FTA) signed. The export of goods from India to all these countries/regions has increased over the last decade.
Additionally, India has also signed six of her Preferential Trade Agreements (PTAs), including the Asia Pacific Trade Agreement (APTA). South Asia Free Trade Area (SAFTA)
The South Asian Free Trade Area (SAFTA) is a free trade agreement signed on January 6, 2004, between members of the South Asian Association for Regional India Regional relations operation (SAARC).
Prologue
The South Asia Free Trade Area was signed in 2004 and entered into force on January 1, 2006. SAARC members have signed an agreement to promote and maintain mutual trade and economic cooperation in the region.
SAFTA called on developing countries in South Asia (India, Pakistan, and Sri Lanka) to reduce tariffs to 20% in the first two-year phase by 2007.
Meanwhile, the Least Developed Countries (LDCs), which consist of Nepal, Bhutan, Bangladesh, Afghanistan, and the Maldives, had to reduce tariffs for another three years.
The Basic Principles of SAFTA are
Equal benefit reciprocity and benefit reciprocity, taking into account the level of economic trade, industrial development, trade, and customs regimes Negotiate the phased implementation of tariff reforms through periodic reviews. Recognize the special needs of least developed countries and agree on specific incentives for their benefit Include all products.
The purpose of SAFTA is to promote and improve common agreements between countries on Medium-Term Contracts. interstate trade agreements, delivery and import security of certain products, etc.
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