Recognizing this trend and recognizing the economic potential of closer ties, the two sides recognized the opportunities to deepen trade and investment relations and agreed to negotiate a framework agreement to pave the way for the establishment of an ASEAN-India Free Trade Area (FTA).  February 7 – The ASEAN-India Free Trade Area (AIFTA) is a free trade area composed of the 10 member states of the Association of South Asian Nations (ASEAN) and India. The initial framework agreement was signed on 8 October 2003 in Bali, Indonesia, and the final agreement was signed on 13 August 2009. The free trade area entered into force on 1 January 2010. The ASEAN-India Trade in Goods Agreement (TIG) was signed on 13 August 2009 to 7 August 2009 at the 7th ASEAN Minister of Economy (India Consultations) in Bangkok, Thailand. The Agreement entered into force on 1 January 2010 for India and certain ASEAN Member States. The entry into force of the Agreement by other ASEAN Member States and India is the date on which the ASEAN Member State and India are ready to implement the Agreement. For Brunei Darussalam, the date of implementation of the trade agreement was 1 June 2010. The RCEP agreement is loose enough to meet the different needs of Member States as different as Myanmar, Singapore, Vietnam and Australia. The Indian government has continued to work on the extension of air, land and sea routes to strengthen trade relations with Myanmar, in addition to the construction of a gas pipeline. In 1994, the countries also signed a bilateral border agreement for border trade from certain points in Manipur, Mizoram and Nagaland.
The two countries have cooperated in the fields of agriculture, health, education, pharmaceuticals, telecommunications, information technology, steel, oil, natural gas, hydrocarbons and food processing. “Out of 21 sectors, the overall trade balance deteriorated (reduction of surpluses or increase of deficit) in 10 to 13 sectors. Only the places where we have done better are ceramics, cement, paper, animal products, etc. Only 10% of lines are excluded. want to increase this in line with other countries like Thailand or Myanmar,” he said. As early as 1950, Indonesia`s first president, Sukarno, recognized the importance of Indonesia-India relations and called for a greater trade relationship. In November 2005, Indonesia and India signed a bilateral strategic partnership agreement in which the two countries agreed to increase bilateral trade to $10 billion by 2010. This target was even exceeded this year, with a total trade of about $12 billion, which means tripling the $4 billion amount of 2005. Bilateral trade between India and Indonesia increased by $20 billion in 2012 and is expected to reach $25 billion in 2015.
Due to many common opinions on important international issues, a mutually beneficial bilateral trade relationship has developed between India and the Lao Democratic People`s Republic. . . .