India’s trade relations with the South Asian Association for Regional Cooperation (SAARC) and the Association of Southeast Asian Nations (ASEAN) are not the same.
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While India has been working to deepen its economic ties with both regions, there are significant differences between the two in terms of the level of integration, the nature of the trade relationship, and the challenges faced in promoting trade.
SAARC is a regional organization comprising eight South Asian countries, including India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan, Afghanistan, and the Maldives. While SAARC was established in 1985 with the objective of promoting regional cooperation in various areas, including trade, the level of economic integration within the SAARC region remains low.
India’s trade relations with SAARC countries have been impacted by various factors, including political instability, security concerns, and non-tariff barriers. However, India has been taking several steps to deepen economic ties with SAARC countries, including the implementation of the South Asian Free Trade Area (SAFTA) agreement, which aims to reduce tariffs and increase trade between member countries.
On the other hand, ASEAN is a regional organization comprising ten Southeast Asian countries, including Indonesia, Thailand, Singapore, Malaysia, Vietnam, the Philippines, Myanmar, Brunei, Laos, and Cambodia. ASEAN has made significant progress in promoting economic integration within the region, with the establishment of the ASEAN Economic Community (AEC) in 2015.
India’s trade relations with ASEAN countries have been growing steadily, with ASEAN being India’s fourth-largest trading partner. India and ASEAN have a free trade agreement in place, which has helped to increase trade and investment flows between the two regions.
In conclusion, while India has been working to deepen its economic ties with both SAARC and ASEAN regions, the trade relations and level of integration between the two regions are not the same. ASEAN has made more progress in promoting economic integration, while India’s trade relations with SAARC countries have been impacted by various factors.