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A ) &-2 is a type of intergovernmental agreement, often
part of a regional intergovernmental organization, where
regional barriers to trade (tariffs and non-tariff barriers) are
reduced or eliminated among the participating states.
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 A preferential trade agreement is perhaps the weakest form of
economic integration. In a PTA countries would offer tariff
reductions, though perhaps not eliminations, to a set of partner
countries in some product categories. Higher tariffs, perhaps non
discriminatory tariffs, would remain in all remaining product
categories.
 This type of trade agreement is not allowed among WTO members
who are obligated to grant most-favored nation status to all other
WTO members.
6 M ) 6
 A free trade area occurs when a group of countries agree to
eliminate tariffs between themselves, but maintain their own
external tariff on imports from the rest of the world.
 The North American Free Trade Area is an example of a FTA
 FTAs generally develop elaborate "rules of origin". These rules are
designed to prevent goods from being imported into the FTA
member country with the lowest tariff and then transshipped to the
country with higher tariffs.
Õ !  
 A customs union occurs when a group of countries agree to
eliminate tariffs between themselves and set a common external
tariff on imports from the rest of the world. The European Union
represents such an arrangement.
 A customs union avoids the problem of developing complicated
rules of origin, but introduces the problem of policy coordination.
With a customs union, all member countries must be able to agree
on tariff rates across many different import industries.
Õ 
 A common market establishes free trade in goods and services, sets
common external tariffs among members and also allows for the
free mobility of capital and labor across countries.
2! 2 
 An economic union typically will maintain free trade in goods and
services, set common external tariffs among members, allow the
free mobility of capital and labor, and will also relegate some
fiscal spending responsibilities to a supra-national agency. The
European Union's Common Agriculture Policy (CAP) is an example
of a type of fiscal coordination indicative of an economic union.
ë 
 ëonetary union establishes a common currency among a group of
countries. This involves the formation of a central monetary
authority which will determine monetary policy for the entire
group. The ëaastricht treaty signed by EU members in 1991
proposed the implementation of a single European currency (the
Euro) by 1999.
  2 ) 
M) -  ) M
 5

 outh Asian Association for Regional Cooperation

 Founded in December 1985

 Headquarters ² Kathmandu, Nepal

 Dedicated to economic, technological, social, and cultural development


emphasizing collective self-reliance.

 ëeetings of heads of state are usually scheduled annually; meetings of


foreign secretaries, twice annually
!& ' 6
 !&  & $   !&
Vangladesh Australia PRC
Vhutan China Indonesia
India Vurma Iran
ëaldives European Union Russia
Nepal
Iran ëyanmar
Pakistan
Japan outh Africa
ri Lanka
ëauritius
Afghanistan (2007)
outh Korea
United tates
 '
 To promote the welfare of the people of outh Asia and to improve their quality of life;
 To accelerate economic growth, social progress and cultural development in the region and
to provide all individuals the opportunity to live in dignity and to realize their full potential;
 To promote and strengthen collective self-reliance among the countries of outh Asia;
 To contribute to mutual trust, understanding and appreciation of one another's problems;
 To promote active collaboration and mutual assistance in the economic, social, cultural,
technical and scientific fields;
 To strengthen cooperation with other developing countries;
 To strengthen cooperation among themselves in international forums on matters of
common interest; and
 To cooperate with international and regional organisations with similar aims and purposes.
4!
 AFTA - outh Asian Free Trade Area
12th AARC summit at Islamabad on 6 January 2004
free trade area covering 1.6 billion people
zero customs duty on the trade of practically all products in the
region by end 2016.
 Avoidance of double taxation
 AARC Food bank
 ARO
+1'   M
 Theme - ´Towards a green and happy south Asiaµ.
 India-Pakistan relations
 ´India factorµ ²
India has geographically, economically and politically a big brother
image.
Raised negative thoughts and fears among the other members
 Announcement of a fund by Indian Pë
to meet with the challenges of climate change and to cater for the
needs of effective adaptation and capacity building of small nations.
+1'   M
 Indo-Pak meeting on 29th April, between Prime ëinister ëan
ëohan ingh and his counter part Yusuf Raza Gilani.
India insisted on Pak to take some credential action against the
26/11 perpetrates, LeT and Hafeez aeed
Pakistan·s emphasis remained on delinking of terror from talks and
an immediate return of composite dialogue
 No progress took place on AFTA
 No regional solution of Afghan problem.
 Rising interference of superpowers such as UA and China in
south Asia too did not become an issue of concern for the
leaders of subcontinent.
!62) 
 Vangladesh and ri Lanka view India as more interested in
creating barriers against their exports than in spurring
regional economic integration
 India·s protectionist tendencies have allowed China to don
the mantle of regional economic leader. Instead of India
emerging as facilitator of socio-economic development in
ri Lanka, Nepal and Vhutan, it is China·s developmental
assistance that·s having a larger impact
!62) 
 China·s strategy of using proxies started with Pakistan and
has gradually evolved to include other states in the region,
including Vangladesh, ri Lanka and Nepal. It is entering
markets in outh Asia more aggressively through both
trade and investment, improving linkages with outh Asian
states through treaties and bilateral cooperation.
 ëost states in the region now use the China card to balance
against the predominance of India.
!62) 
 India·s structural dominance in outh Asia makes it a
natural target of resentment among its smaller neighbours.
Yet, there is no hope for regional economic cooperation in
the absence of Indian leadership. The failure of India in
countering China·s rise has made it even more unlikely that
such cooperation will evolve productively. As the two
regional giants compete with each other in the near future,
they will be more focused on their relative gains vis-à-vis
each other than in the absolute gain that regional
cooperation can bestow.
2 
 The Common ëarket of the outh, ëercado Común del ur in
 anish or ëercado Comum do ul in Portuguese, was formed
under he Treaty of Asunción as a trading block.
 Formed in 1991
 Full members : Argentina, Uruguay, Vrazil, Paraguay,
Venezuela(2006).
 Associate members: Chile, Volivia, Colombia, Equador, Peru.
 Observer : ëexico
 Free trade artners : Egy t and Israel
 Headquarter : ëontevideo( Uruguay)
 GDP size : 2.26 tn UD(2008)
2 277
 ëERCOUR encompasses roughly 50% of Latin America·s Gross
Domestic Product, 43% of its population, 59% of its total landmass,
50% of its industrial production and intra-regional trade, and 33%
of total Latin American foreign trade. Its nations· per capita income
is 30% higher than that of Latin America as a whole.
 The largest country in the trade pact, Vrazil, accounts for close to
80% of the population of ëERCOUR .
 Official languages : panish and Portuguese.
 ëercosur and Andean community of nations: Voth of these enjoys
the status of custom unions and have integrated into Union of south
American nations(UNAUR) under the treaty of Unasur Constitutive
Treaty which was signed on ëay 23, 2008
&2 $ 
 Free transit of produced goods, services and factors among member states.
 Increase regional trade by lowering tariffs and non-tariff barriers to trade.
 ëove member countries· economies away from import-substitution models and towards more open
economies based on trade and exports.
 Promote convergence of regional economic policies.
 Develop institutional groups to address social issues such as education, labor, culture, the environment,
and consumer protection. As an example, in the late 1990s the ëERCOUR nations declared the trading
block a nuclear weapons free zone, and issued their commitment to peaceful applications of nuclear
energy.
 The creation of a customs union through the implementation of a Common External Tariff (CET) system
along the lines of the European Union.
 Coordination of macroeconomic and sectorial policies of member states relating to foreign
trade, agriculture, industry, taxes, monetary system, exchange and capital, services,
customs, transport and communications, and any others they may agree on, in order to ensure free
competition between member states.
 The commitment by the member states to make the necessary adjustments to their laws in pertinent
areas to allow for the strengthening of the ·Integration process·.
2 8) 
 A Framework Agreement was signed between India and ëERCOUR on
17th June 2003 at Asuncion, Paraguay.
 The aim of this Framework Agreement was to create conditions and
mechanisms for negotiations by granting reciprocal tariff preferences and
also to negotiate a free trade area between the two parties in conformity
with the rules of the World Trade Organisation.
 As a follow up to the Framework Agreement, a Preferential Trade
Agreement (PTA) was signed in New Delhi on January 25, 2004. The aim of
this Preferential Trade Agreement was to expand and strengthen the
existing relations between ëERCOUR and India and promote the expansion
of trade by granting reciprocal fixed tariff preferences with the ultimate
objective of creating a free trade area between the parties.
 The India-ëERCOUR PTA provides for five Annexes. These five Annexes had
been finalized during six rounds of negotiations in order to operationalise
the PTA. These have been signed between the two sides on ëarch 19, 2005,
upon the conclusion of G-20 ëeeting in New Delhi.
2 8) 2777
The Five  :
 Annex I to the PTA- Offer List of ëERCOUR for tariff concession on Indian products in
ëERCOUR. It contains 452 products.
 Annex II to the PTA- Offer List of India for tariff concession on ëERCOUR·s products in India. It
contains 450 products.
 Annex III to the PTA- Rules of Origin
 Annex IV to the PTA ² afeguard ëeasures
 Annex V to the PTA ² Dispute ettlement Procedure (DP).
 M)  : Total trade of U $ 4773.39 million 2007-08 exports of about U $ 2904.8 million
and imports stood at about U $ 1868.39 million during the same period.
 Trade volume between ëercosur and India should reach 17 billion U dollars by 2012 and 30
billion dollars in 2030.
 ëajor product groups covered in the offer are food preparations, organic chemicals,
pharmaceuticals, essential oils, plastics & articles thereof, rubber and rubber products, tools
and implements, machinery items, electrical machinery and equipments.

 M5

The
'! 2 M)4! (
 M ) is a trilateral trade
bloc in North America created by the governments of the United tates,
Canada, and ëexico.
 ecretariats - ëexico City, Ottawa and Washington, D.C.
 Official languages - English, French and panish
 ëembership - Canada, ëexico, United tates
 Establishment - Formation1 January 1994
 Area - Total21,783,850 km (1st)
 Population - 2008 estimate445,335,091 (3rd) -
 GDP 2007 estimate - Total$15,857 billion (1st) -
3 
 Venefit·s the importers by reduced or duty free goods.
 No ëPF from Canada for NAFTA goods
 Can make the exporter more competitive then other non-
participating countries
 200% increase in trade among the 3 countries.
 Increase market access within each country.
MM

 It has negative impacts on farmers in ëexico who saw food prices
fall based on cheap imports from U.. agribusiness
 It has negative impacts on U.. workers in manufacturing and
assembly industries who lost jobs.
 Critics also argue that NAFTA has contributed to the rising levels of
inequality in both the U.. and ëexico.
 ome economists believe that NAFTA has not been enough (or
worked fast enough) to produce an economic convergence, nor to
substantially reduce poverty rates
!62) 
 Trade and commerce have been at the center of the U economic
relations with India.
 ëerchandise, polished diamonds as well as jewelry, automobiles and
parts, textile, organic chemicals and engineering equipments are being
exported to U from India
 In 2005 diamonds and precious stones were the leaders with 29% of the
total goods exported. Textiles came second with 25% and iron and steel
were third with 5.73%. Organic chemicals were 3.46% of the total
exports made and electric machinery fifth with 3.24%.
 In case of the U exports to India engineering equipments, optical and
medical equipments, precious stones and metals, aircraft and other
aviation equipments and organic chemicals have been the traditional
ones.
!62) 
 ëexico is special in terms of its relations in the International
scenario. Presently it is a member of the world's largest economic
area NAFTA and has a free trade agreement with the European
Union. It has FTAs with some 30 countries
 The ëajor difficulties behind the promotion of trade between the two
nations are
Geographical distance
Lack of direct shipping facilities
Expensive credit
Language barrier
Absence of interest among Indian companies to explore long-term linkages.
6(&
For enhancing the trading between the two nations an important
step in this direction was the offer of a unilateral line of credit for
an amount of U $ 10 million by the Exim Vank of India to its
ëexican counterpart, Vancomext, for promoting bilateral economic
and trade relationship.
777
 The 6 2 -3'&  3'-3 also known as the -36 
2 - is a political and economic union involving six Arab states of the Persian Gulf including
states of Vahrain, Kuwait, Oman, Qatar, audi Arabia and the United Arab Emirates.
 )&2 $ :
 formulating similar regulations in various fields such as economy, finance, trade, customs,
tourism, legislation, and administration;
 fostering scientific and technical progress in industry, mining, agriculture, water and animal
resources;
 establishing scientific research centres;
 setting up joint ventures;
 unified military presence The Peninsula hield
 encouraging cooperation of the private sector;
 strengthening ties between their peoples; and
 establishing a common currency by 2010
3  3
 Elimination of currency transaction costs will result in savings in
both time and money
 Elimination of exchange rate risk would encourage increased intra-
Gulf trade and investment.
 Greater transparency in pricing, improved business competitiveness
 An enlarged, unified GCC market, whose present GDP exceeds $300
billion, would offer new trading and investment opportunities.
'--4 
 failure to establish a free trade zone with the European
Union
 eliminating bureaucracy and allowing project developers a
freer hand to speed up the industrialization process
 oil prices have had massive swings
 UAE and Oman have voted recently to abandon the common
GCC currency goal.
)) 
! 
' trade,
' investments,
' industrial cooperation including mall and ëedium Enterprises
(ëEs)/mall cale Industries (I) and
' transfer of technology including Information Technology7
>India and GCC have signed a Framework Agreement for
enhancing and developing the economic cooperation between
them on the basis of equality and mutual interest
>GCC-India Framework Agreement for Economic Cooperation
!62) 
 India presents itself as a natural market for expanding their
operations.
 GCC countries can benefit from India's experience in meeting
needs and challenges of mall and ëedium Enterprises and
turning them into profitable ventures
 ecurity of supplies, oil facilities etc are crucial for India's long
term energy security interests
 Exports and imports, between India and GCC has crossed $91bn
in 2008 and has grown at an average annual growth rate
touching 50% between 2004-2008.
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 M) 4)
 EU goods exports to India 2009: *#7"& -- 
 EU goods imports from India 2009: *"7& -- 
 M)  $ 2
 EU services exports to India 2009: /71& -- 
 EU services imports from India 2009: #7& -- 
  4 2$ !
 EU investment to India 2009: %7*& -- 
 Indian investment to EU 2009: .7& -- 
8 
8 M
 8)  free trade agreement was one of the top issues at
the 11th EU-India ummit held in Vrussels.
( 4 2
 The EU is seeking greater market access and export gains
for its large banks through cross-border supply and direct
investments. It has sought removal of regulations
pertaining to bank branches, numerical quotas, foreign
ownership, equity ceilings, voting rights and investment by
state-owned companies in foreign banks in India. These
would give undue favour to foreign banks, at the expense of
the marginalized groups.
 82 3 22! 26 
 Forum for 21 Pacific Rim countries
 Established in 1989
 Headquarters in ingapore
 to promote free trade and economic cooperation throughout the Asia-
Pacific region
 Established in response to the growing interdependence of Asia-Pacific
economies and the advent of regional economic blocs in other parts of
the world.
 APEC works to raise living standards and education levels through
sustainable economic growth and to foster a sense of community and
an appreciation of shared interests among Asia-Pacific countries
 82 3 22! 26 
 Accounts for
approximately 40% of the world's population,
approximately 54% of world GDP and
about 44% of world trade
 3 Pillars
1. Trade and Investment Liberalisation
2. Vusiness Facilitation
3. Economic and Technical Cooperation
 82 3 22! 26 
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 82 3 22! 26 
 Committees
Vudget and ëanagement Committee
Economic Committee
Committee on Trade and Investment
Oë teering Committee on Economic and Technical Cooperation
Working Groups include
 Agricultural Technical Cooperation
 Emergency Preparedness
 Human Resources Development
 Industrial cience and Technology
 ëarine Resource Conservation
 mall and ëedium Enterprises
 Telecommunications and Information
 Tourism
 Transportation
 82 3 22! 26 
 Vetween 2002-2006, the costs of business transactions across the
region was reduced by 6 percent, (TFAPI)
 hopes to achieve an additional 5 percent reduction in business
transaction costs.
 APEC is considering the prospects and options for a Free Trade Area of
the Asia-Pacific (FTAAP)
 Criticism
APEC has been criticized for failing to clearly define itself or serve
a useful purpose
whether it has accomplished anything constructive remains
debatable
) )
 India has requested membership in APEC, and received initial support
from the United tates, Japan and Australia
 ëembership criteria
 be located in the Asia-Pacific region;
 have substantial and broad-based economic linkages with existing APEC
members and in particular, the value of the applicant's trade with APEC
members, as a percentage of its international trade, should be relatively
high;
 be pursuing externally oriented, market-driven economic policies; and
 accept the basic objectives and principles set out in the various APEC
declarations, especially those from the Economic Leaders' ëeeting. On
all these criteria, India today is highly qualified for APEC membership.
) )
 Venefits for APEC & India
it has become an important investment destination, with many
sectors open for foreign investment
its trade has increased many fold, encompassing both goods and
services
it has gained experience in dealing with East Asia, with free trade
agreements being worked out with AEAN and its constituents
India's relationships with Australia, China, Japan, Russia, ingapore
and the U have never been as strong and multi-faceted as now
The APEC region is home to the world·s four largest economies
(China, India, Japan and the United tates) and it makes no strategic
sense to exclude one of the four

:
 The establishment of outh East Asia, New Zealand, Australia (EANZA)
grew out of a 1956 meeting of central bank governors from the Asia-
Oceanic region
 One of the oldest and largest regional central bank groups,
membership grew from the original five to 20.
 EANZA was formed to promote cooperation among central banks by
providing intensive and systematic training courses for central bank
staffs
 EANZA also provides an avenue for information exchange on issues
and problems of common interest among member economies
 Original members were central banks from Australia, India, New
Zealand, Pakistan, and ri Lanka. The additions were Vangladesh;
People·s Republic of China; Hong Kong, China; Indonesia; Iran; Japan;
Republic of Korea; ëalaysia; ëacao, China; ëongolia; Nepal; Papua New
Guinea; Philippines; ingapore; and Thailand
) ;  M0 ' - 
 India had a total trade of about UD 13.8 billion with Australia in 2009-10 with exports from
India being of the order of UD 1.4 billion and with Imports being of the order of UD 12.4
billion
 India's exports to Australia were IT and IT enabled services and other business services
 India·s imports from Australia largely consist of gold, coking coal, copper ores, petroleum
and LNG, alumina, wool
 Total foreign direct investment (FDI) inflows received from Australia during April 2000 to
November 2010 were UD 0.43 billion.
 Top sectors attracted FDI from Australia are services sector, metallurgical industries,
telecommunications, automobile industry and consultancy services
 A study indicates that an Australia-India FTA could result in a net increase in Australia's
GDP by up to $32 billion (AUD 45.5 billion) and India's GDP by up to $34 billion (AUD 48.3
billion) over a period of 20 years
 India is fastest-growing major export market. It is Australia·s fourth-biggest export
market, up from 13th a decade ago
)$4 3 M&0) ) - 
 Australia²India Free Trade Agreement is estimated to have a beneficial impact on the GDP of both
economies. Vy 2020 Australia·s GDP is estimated to be 0.23 per cent higher than otherwise, and 0.15 per
cent higher in the case of India
 The average applied Australian tariff in 2008 is a low 3.2, with nearly 52 per cent of tariff lines being
duty free.
 The average applied tariff in India during 2008 is a relatively higher 17.6 per cent with nearly 3.7 per cent
of tariff lines being duty free.
 India applies its ëFN tariff rate to Australian imports, while Australia applies its developing country tariff
rate to Indian imports. Hence Australia already affords India some tariff concessions relative to imports
from an ëFN country.
 Australia benefits relatively more from the FTA reflects the trading relationship and magnitude of trade
barriers ³ India has higher trade barriers than Australia, and India is currently a more important
trading partner to Australia than Australia is to India
 While Australia is estimated to benefit relatively more than India from the FTA, India benefits more in
absolute terms. Over the period 2010²30, Australia is estimated to gain A$43 billion in real GDP in (2008)
net present value terms, versus India·s real GDP gain of A$46 billion
2- !62 3'& --))
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 70 per cent of Australian sectors and 68 per cent of Indian
sectors are expected to experience an increase in output
under the FTA.
 Dynamic productivity gains, arising from greater import
competition, learning by doing in export markets and
greater foreign investment, are a key factor in seeing such
a high proportion of sectors benefiting under the FTA.
) ;  M0 '

0<-)
 India²New Zealand FTA- negotiating since 2007 with the
establishment of a JG (Joint tudy Group) looking at the
feasibility of an Indian-NZ FTA
 New Zealand exports coal, timber, wool and hides to India. They
exported goods worth $652 million last year, an increase of 16
per cent, despite declining trade overall.
 Indian exports are valued at $300 million
 India is now New Zealand·s 13th largest export destination. New
Zealand had FTAs with ingapore, Thailand China and ëalaysia
 India-New Zealand trade can grow four times to $4 billion in 10
years if a market-opening Free Trade Agreement is signed
2 $- '3    
4 2-) )2 
 India being predominantly an agrarian nation, concerns about New
Zealand·s entry into the agriculture and dairy sector still remain high
 The realization that New Zealand has an economy just 10% the size of
India and that it does not compete in several major Indian agricultural
products such as rice and wheat, but instead had apples and kiwifruit
 Also, New Zealand has just a 2% share of global milk production and
because most of its exports are in solid form and India is
overwhelmingly a liquid milk market it·s hardly a threat
 New Zealand could contribute most is in India·s ´second green
revolutionµ that India·s political leaders, economists and the Indian
Planning Commission are trying to implement
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