Business Across Borders 2021

15 Outlay under PLI scheme in ` bn 181 50 570.42 150 121.95 106.83 109 45 62.38 63.22 Advanced chemistry cell (ACC) battery Electronic/technology products Automobile and auto component Pharmaceuticals drugs Telecom and networking products Textile products Food products High efficiency solar photovoltaic modules White goods (ACs and LEDs) Specialty steel Note: These outlays are in addition to the outlays for sectors already notified under PLI scheme which include ` 409.51 bn for mobile manufacturing and specified electronic components, ` 69.40 bn for critical Key Starting materials/ Drug Intermediaries and Active Pharmaceutical Ingredients and ` 74.2 bn for manufacturing of medical devices. Source: Economic Survey of India 2020-21 India & international trade treaties India has entered into various bilateral and regional trade agreements over the years. India has preferential access, economic cooperation and foreign trade agreements (FTA) with around 50 countries with many of them being with Asian countries. The major trade agreements of India with Asian countries Name Grouping Member Countries FTA/ PTA No Names SAPTA SAARC Preferential Trading Agreement 7 Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka, PTA SAFTA South Asia Free Trade Agreement 7 India, Pakistan, Nepal, Sri Lanka, Bangladesh, Bhutan, Maldives FTA APTA Asia Pacific Trade Agreement 5 Bangladesh, China, India, Republic of Korea and Sri Lanka PTA India ASEAN TIG India ASEANTrade inGoods Agreement 11 Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam and India FTA ISCECA India Singapore CECA 2 Singapore, India FTA ISLFTA Indo Sri Lanka FTA 2 India, Sri Lanka FTA IMCECA Indo Malaysia CECA 2 India, Malaysia FTA JICEPA Japan India CEPA 2 Japan, India FTA IKCEPA India Korea CEPA 2 India, South Korea FTA CECA: Comprehensive Economic Co-operation Agreement; CEPA: Comprehensive Economic Partnership Agreement Source: Ministry of Commerce While India has gained more through SAFTA in terms of growth in exports, its trade agreements with ASEAN member countries, Japan and Korea have been more beneficial to those countries as compared to India. India has experienced higher trade deficits with these trade partners after the deals. Hence in 2019, India decided not to join the Regional Comprehensive Economic Partnership (RCEP) given its poor experience with FTAs in general, as well as some unresolved issues with respect to RCEP deal like market access for China, non-tariff barriers faced by Indian exporters and rules of origin criteria. Dun & Bradstreet