Trade
with Neighbouring Countries
India enjoys trade surplus with all members of SAARC
comprising Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri
Lanka. Trade between India and China currently stand at USD $ 65.87 in
2013-14. China is currently the largest trading partner in bilateral
trade. Myanmar (an ASEAN country) also enjoys a high level of bilateral
trade through border trade arrangement at Moreh
(Manipur). Joint Trade and Investment Agreement between India and ASEAN group
of countries is expected to also boost bilateral trade with South East Asian
countries.
The details of trade between India and the SAARC countries,
China and Myanmar were as under during the last three years:-
|
Value in US $ Million (P) – Provisional |
||||
|
Country |
Year |
Export |
Import |
Total |
|
Afghanistan |
2011-12 2012-13 2013-14(P) |
511 473 474 |
133 160 209 |
644 633 683 |
|
Bangladesh |
2011-12 2012-13 2013-14(P) |
3789 5145 6051 |
586 639 461 |
4375 5784 6512 |
|
Bhutan |
2011-12 2012-13 2013-14(P) |
230 233 300 |
203 164 151 |
433 397 451 |
|
Maldives |
2011-12 2012-13 2013-14(P) |
125 122 108 |
19 06 04 |
144 128 112 |
|
Nepal |
2011-12 2012-13 2013-14(P) |
2722 3089 3575 |
550 543 528 |
3272 3632 4103 |
|
Pakistan |
2011-12 2012-13 2013-14(P) |
1542 2065 2275 |
362 542 427 |
1904 2607 2702 |
|
Sri Lanka |
2011-12 2012-13 2013-14(P) |
4379 3984 4549 |
578 626 677 |
4957 4610 5226 |
.
|
Country |
Year |
Export |
Import |
Total Trade |
|
China |
2011-12 2012-13 2013-14(P) |
18077 13580 14829 |
55314 52248 51049 |
73391 65828 65878 |
|
Country |
Year |
Export |
Import |
Total Trade |
|
Myanmar |
2011-12 2012-13 2013-14(P) |
545 545 785 |
1386 1413 1392 |
1931 1958 2177 |
Source: DGCIS, Kolkata
An adhoc working group for
reductions in ‘sensitive list’ has been formed under South Asian Free Trade
Area (SAFTA). Bhutan, India, Maldives and Pakistan have put forward a proposal
for reduction in the Peak Tariff Rate to 0%-5% by 2020. There has been a sharp
expansion of bilateral trade with China and also a rise in the bilateral trade
deficit between India and China. The 9th Session of India-China
Joint Group on Economic Relation (JEG) at the Ministerial Level was held in
August 2012. Recently, 3 MoUs were signed
between the Ministry of Commerce of India and the Ministry of Commerce, China
in May 2013. These measures are expected to strengthen trade relations with
China. To enhance bilateral trade with Myanmar the India-Myanmar Border Trade
Committee, India Myanmar Border Haat Committee and
Joint Trade and Investment Forum have been formed. The India- ASEAN Trade in Goods
(TiG) signed in August 2009 is also expected to boost
bilateral trade with South East Asian Countries.