Ias fta

Hello, I want to give the Indian Administrative Service and I want to know the details of the free trade services of India.

[Shaleen]

Hello, here I am providing you the details of the free trade services that may asked in Indian Administrative Service exam as under:

Objectives:
To pave the way for free movement of professionals and further open up opportunities for investments between India and ASEAN.
India’s commitment to have a strong institutional architecture for economic ties with ASEAN
Some of the important articles contained in the agreement are the ones on transparency, domestic regulations, recognition, market access, national treatment, increasing participation of developing countries, joint committee on services, review, dispute settlement and denial of benefits.

FTA IN TRADE INKED IN 2010:
India implemented FTA in goods with 10-member ASEAN in 2010. With the signing of the pact in services and investments, the FTA will now become a comprehensive economic partnership between the two sides.
9 out of 10 ASEAN nations have inked the agreement. Philippines, the only ASEAN country yet to sign the pact, is finalizing its domestic process and is probable to sign soon. The Philippines had earlier raised concerns that opening up of the services sector may have an adverse impact on its own services industry given India’s strength in the same.
Unlike in India, ASEAN members have to approach their respective Parliaments for ratification of such pacts after which it will be formally adopted during the next India–ASEAN summit later in 2014.

Trade Links Between INDIA & ASEAN:
Trade between India and ASEAN stood at about $76 billion in 2012-13.
Both sides aim to increase it to $100 billion by 2015 and envisage lifting import tariffs on more than 80 per cent of traded products by 2016.
India has signed FTAs with countries including Korea, Japan, Singapore, Thailand and Indonesia.

MCQs that asked on FTA:
QUES 1. Which of the following ASEAN countries have signed FTA with India.
1. Cambodia
2. Philippines
3. Loas
4. Myanmar
Codes:
(a) 1 & 2
(b) 1, 3 & 4
(c) 1, 2 & 3
(d) 1, 2, 3 & 4

QUES 2. Consider the following statements on Free Trade Agreement.
1. It gives protection to domestic markets.
2. It reduces the barrier to trade between countries.
3. It is beneficial to the domestic consumers.
Which of the following is/are correct?
(a) 1 & 2
(b) 2 & 3
(c) 1 & 3
(d) 2 only