4/19/2014Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained » Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained 1. 2. 3. 4. 5. 6. 7. Baltic Dry Index (BDI) India’s Chief import exports Market Diversification Top three trading partners Trade surplus / deficit? WTO Negotiations and India Trade agreements 1. PTA 2. FTA 3. Customs Union 4. Common Market 5. Economic union 6. CEPA vs CECA India’s trade agreements Trade agreements: Recent development 1. Problem Areas: Export 2. Problem Areas: Ease of Doing business Measures to improve trade? 1. Foreign Trade Policy annual supplement 2013 2. Salient Features FTP Annual Supplement 2013 3. E-BRC 4. ASIDE scheme 5. Towns of Export Excellence 6. Interest Subvention 7. Special Economic Zones 8. VKGuy 9. RBI’s measures 10. Anti-Dumping Chindu’s budget speech (2013): Foreign Trade 1. CAD worrysome 2. To boost trade 3. Taxation: Export 4. Coal dependence 5. IT What is countervailing duty (CVD)? Conclusion Important Summits Trade Blocs/ Regional Groups Mock Question 8. 9. 10. 11. 12. 13. 14. 15. 16. http://mrunal.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained.html/print/ 1/21 4/19/2014 Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained » Mrunal Baltic Dry Index (BDI) London based Baltic Exchange, releases this index number on daily basis. It measures changes the cost to transport raw materials by sea. If Baltic Dry index number increases = more raw material is getting shipped= world economy is doing good (and will do good). If Baltic Dry index number decreases = there is decrease in export of raw material / pre-production items= something bad is about to happen with world economy. In the recent times, BDI was highest in 2008 and then started falling. There was a small rise in BDI index during Nov.2012, but still it is nowhere near to the high level of 2008. Meaning, world economy hasn’t yet recovered from the fallout in US and EU. India’s Chief import exports Import 1. 2. 3. 4. 5. Petroleum Gold Electronic goods Pearls, precious stones Machinery except electronics Export 1. 2. 3. 4. Petroleum (crude and products) Gems and jewelry Transport equipment, machinery Drugs, pharmaceuticals, chemicals ^As per Commerce chapter India 2013 (Yearbook.) Compositional changes in India’s export basket have been taking place over the years. The share of manufacturing exports fell drastically, mainly due to the fall in shares of traditional items like textiles and leather and leather manufactures even though the share of engineering goods and chemicals and related products increased. The rise or fall in India’s export depends mainly on following factors World growth Trading partner’s growth Exchange rates Market Diversification India has been fairly successful in diversifying its export markets from developed countries like the US and Europe to Asia and Africa This has helped us get reduce the damage from global crisis of 2008 and the recent global slowdown. Region-wise, while India’s exports to Europe and America have declined, its exports to Asia and Africa have increased Top three trading partners http://mrunal.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained.html/print/ 2/21 Hong Kong. UAE (this turned negative in 2012 though) 2.org/2012/05/wto-doha-made-easy. China 2.html/print/ 3/21 . Switzerland (mainly due to gold imports) WTO Negotiations and India Basics of WTO explained: http://mrunal. the top three trading partners of India = US.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. Example NAFTA (among Mexico. This is one of the highest in the world. a top Brazilian trade diplomat. Level of integration shallow PTA FTA Shallow http://mrunal. E-BRC. Free Trade Agreements It is a special case of PTA where all tariff and non-tariff barriers are abolished free access is allowed to the products of member countries. (2012-13 data yet to come) Trade surplus / deficit? India’s trade deficit = 10% of GDP. WTO started Doha Round of trade negotiations. Trade agreements What? Preferential trade agreements lower customs duty on the products originating from the member countries. FTA. Trade deficit with 1. Countrywide. will replace Pascal Lamy as the head of the WTO in September 2013) In 2001. For 2011-12: first is China. PTA. Since multilateral trade negotiations (WTO) are stalled/pending. CEPA vs CECA Difference Explained » Mrunal In recent years. (Doha is the capital and chief port of Qatar) Doha negotiations are still unfinished due to differences among members on various issues. second is UAE and third is USA. As per 2011-12 data. UAE.(update: Roberto Azevedo. US and Canada). ASIDE. and hence very disturbing. 3. USA. Singapore 4. the regional trading agreements are on rise. China (whoever their rank /position keeps changing like in the game of musical chairs). India has Trade surplus with 1.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained.html Pascal Lamy= Chief of WTO. org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. Shallow Common Market Economic union CEPA vs CECA Deep deep Both are examples of Free trade agreements. and output (goods/services) among the members.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. Example. Malaysia 2. FTA/PTA: Already concluded 10 FTA with 5 PTA with 4/21 http://mrunal. ASEAN (under negotiation) CEPA Comprehensive Economic partnership Agreement Reduce tariffs + cooperation in trade in services. CEPA vs CECA Difference Explained » Mrunal Customs Union A Customs Union moves beyond a free trade area by establishing a common external tariff on all trade between. = wider scope. PTA. India has signed 10 free trade agreements (FTAs) and 5 preferential trade agreements (PTAs) and these FTAs/PTAs are already in force. SICA (in Central America) members share a common currency and macro-economic policies (Example European Union). ASIDE.html/print/ . South Korea 3. India has CECA with 1. Singapore 3. members and non-members. Example. capital. Countries sign CECA first and then gradually move towards CEPA like agreement. Sri Lanka (under negotiation) India’s trade agreements So far. Japan 2. Example. FTA. Example. Customs Unions typically contain mechanisms to redistribute tariff revenue among members Example: Mercosur free flow labour. India has CEPA With 1. European Union. CECA Comprehensive Economic Cooperation Agreement Reduce the tariffs (custom/import duties). E-BRC. investment. + early harvest Scheme (EHS) 6. India 2013 (Yearbook). Chile ^as per commerce chapter. Further. Afghanistan. Sri Lanka 2. Korea. India is currently negotiating 17 FTAs. Japan: CEPA 10. Signed. 5/21 India-EU http://mrunal. PTA. ASIDE. Sri Lanka. except alcohol and tobacco products. Asia Pacific Trade Agrment (APTA): Bangladesh. Issue: Government needs to review the inverted duty structure under the IndiaThailand FTA. S. Japan. MERCOSUR 5. Bhutan 5. including review/expansion of some of the existing ones. FTA. Minor details remain to be negotiated. Sri lanka 2. viz. China. RCEP will cover trade in goods. Broad based trade and investment agreement. During 20th ASEAN summit in Phnom Penh Cambodia (in 2012). Signed but negotiations still on. on all items.Korea. Global system of trade preferences (GSTP) 3. Bhutan. It’ll provide economic partnership among ASEAN + its FTA partners. and Maldives.html/print/ . Malaysia: CEPA 1. and New Zealand).Korea: CEPA 9. India has granted zero basic custom duty to all LDCs. Singapore (CECA) 7. broader framework already in force. SAFTA (India. Thailand. Afghanistan 4.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. IPR. Nepal. Because finished jewelry imports from Thailand are cheaper than primary gold (raw material) available in India! Trade agreements: Recent development SAFTA India Thailand FTA IndiaASEAN CECA Signed and came into force. India. Bangladesh.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. RECP among ASEAN+6 Regional Comprehensive Economic Partnership (RCEP) Agreement among ASEAN + 6 (Australia. services. the ASEAN states agreed to move towards this agreement. E-BRC. India. Bhutan and Maldives) 3. Nepal 4. CEPA vs CECA Difference Explained » Mrunal 1. Bangladesh. Pakistan. China. ASEAN (CECA) 8. Negotiations still going on.South Asia Free Trade AreaUnder SAFTA. dispute settlement etc. S. with good practice economies like France needing 2. missile guidance systems etc. Commerce Ministry (and not finance ministry) releases Annual supplement to foreign trade policy every year. India has unilaterally offered special concessions to Least developed countries under this agreement. Time to export is 16 days for India and five for Denmark.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. Rare earth minerals are important for high-tech electronics. CEPA vs CECA Difference Explained » Mrunal GSTP Global System of Trade Preferences among Developing Countries (GSTP) It is a preferential trade agreement to increase trade between developing countries in the framework of the UNCTAD (United Nations Conference on Trade and Development). (Singapore 1st) India requires 9 export documents to be cleared. FTA. Under that. mining. India ranks 132.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. Measures to improve trade? India’s foreign trade policy covers the period of 2009-14. 2012. ASIDE. while China needs 8. Cabinet approved implementing India’s schedule of concessions under GSPT. PTA.html/print/ 6/21 . horticulture projects http://mrunal. India and Japan signed a pact to enable Japan to import rare earth minerals from India. Japan Problem Areas: Export Jawaharlal Nehru Port Trust (JNPT) Port at Mumbai. 2012: Government has reduced the import duty on various capital goods/ machinery required for fertilizer. E-BRC. infrastructure. average an Indian exporter is required to sign at about 130 places to complete an export transaction! If we want to increase our exports. (This will help reduce Japan’s reliance on China for rare earth minerals). then Government must reduce these procedures and costs need to the barest minimum. mobile phones and hybrid cars. On an. entry gates closing prematurely resulting in export consignments being dumped in the buffer yard at a very high cost and delay in shipments Problem Areas: Ease of Doing business Ease of doing business index is an index created by the World Bank. India has also unilaterally offered special concessions to LDC In Nov. 4/19/2014 Mrunal [Economic Survey Ch7] International Trade. Tamil Nadu. 4. CEPA vs CECA Difference Explained » Mrunal etc. For electronic transmission of foreign exchange realization from the respective banks to the Directorate General of Foreign Trade (DGFT) server on a daily basis. by Ministry of Commerce. (Why? Think about the geographical. E-BRC. Non Basmati Rice. Wheat and Sugar. ASIDE scheme Assistance to States for Developing Export Infrastructure and Allied Activities (ASIDE) Scheme It provides assistance to State and union territories to create infrastructure for export Development. 7. 2. Focus Product Scheme and Vishesh Krishi Gramin Udyog Yojana(VKGUY) can be used for payment of service tax. Maharashtra. political. PTA. by half No minimum land requirement for settingup IT SEZ Permitted sale and transfer of units inside SEZ. agriculture etc. (upto 31st March 2014) Duty Credit Scrips issued under Focus Market Scheme. FTA. Support for export of green technology products Incentives for labour intensive industries. 5. Karnataka. North East. Industry and Textiles Although Government did not launch any new scheme in it But the existing schemes were modified to provide for more relaxations and benefits to importers who are also exporters. 8. 9. Now import of cars/vehicles would also be allowed at Faridabad and Ennore Port (TN) System for online issuance of Registration Certificate for export of Cotton.html/print/ 7/21 . 3. and Andhra Pradesh. E-BRC The exporter will not be required to make any request to the bank for issuance of a bank export and realization certificate (BRC). Top 5 exporter states in India (also top-5 in terms of ASIDE allocation): Gujarat. ASIDE.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. Reduced Minimum land area requirement for SEZ. Cotton Yarn. 6. social. Salient Features FTP Annual Supplement 2013 1. Foreign Trade Policy annual supplement 2013 Released in April 2013. economic factors). Towns of Export Excellence These get more attention / funds under ASIDE scheme and other schemes of http://mrunal. Thus their time and money will be saved. Import of cars/vehicles is permitted through designated ports only. Zero Duty Export Promotion Capital Goods Scheme Government will give 2% Interest Subvention Scheme for more sectors. minor forest. CEPA vs CECA Difference Explained » Mrunal commerce ministry for boosting exports. 100 per cent FDI is allowed in SEZs through the automatic route Problem area: land acquisition. I’ve only listed the new towns of export excellence under 2012 and 2013’s annual supplements to foreign trade policy. and SMEs This scheme has been extended to labor-intensive sectors viz.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. ASIDE. FTA. Morbi 2013 5. sports goods.html/print/ 8/21 . RBI’s measures http://mrunal. Shaharanpur Handicraft 4. year Place 1. SEZs have provided employment to more than 9 lakh people. of which 384 have been notified. Kolhapur 3. Scheme is applicable upto 31 March 2014. But if and when you’re preparing for UPSC interview. processed agricultural products. E-BRC. (some of that is addressed under the 2013’s annual supplement to Foreign trade policy.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. Gurgaon Apparel Ceramic Sector ^this list in not exhaustive. dig all the export excellence towns in your home state. 1965 Special Economic Zones (SEZ) Act. enacted in 2005 and and Rules were notified in February 2006. Gujarat. carpets. Special Economic Zones Asia’s first Export processing zone (EPZ) was setup in Kandla. and readymade garments. gram udhyog etc. handicrafts. Interest Subvention Earlier Government gave 2% interest subvention on handlooms. Government has given formal approvals to setup 579 SEZs. toys. As a whole. PTA. A’bad Textiles 2012 2.) VKGuy Vishesh Krishi and Gram Udyog Yojana (VKGUY) To promote the export of produce from agro. Taiwan. Against China PR. slow down in exports. Thailand. Mexico. our passion for gold 4. Anti-Dumping Directorate General of Anti-dumping and Allied Duties (DGAD) has initiated 10 fresh cases. Saudi Arabia. and the USA. E-BRC. does not have the choice between welcoming and spurning foreign investment. PTA. FII 3. Chindu’s budget speech (2013): Foreign Trade CAD worrysome India is part of the global economy: our exports and imports amount to 43 percent of GDP But My greater worry is the current account deficit (CAD). To boost trade Peak rate of basic customs duty = 10% (for non agro products) Normal excise duty = 12% Normal service tax= 12% What? Import Machinery for leather factory Duty Chindu said Increase/decrease? Leather and leather goods is a thrust sector for exports. the European Union. Malaysia. the high volume of coal imports.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. CEPA vs CECA Difference Explained » Mrunal RBI increased ceilings for External Commercial Borrowings (ECBs) RBI allowed the banks to determine their interest rates on loans to exporters (in foreign currency).html/print/ . foreign investment is an imperative. and perhaps next year too. Turkey. This year. External Commercial Borrowing (ECB). I propose to reduce the duty on specified machinery for manufacture of leather and leather goods and footwear. there are only three ways before us: 1. at the present juncture. What we can do is to encourage foreign investment that is consistent with our economic objectives. 3. FTA. If I may be frank. we have to find over USD 75 billion to finance the CAD. ASIDE. South Korea. (To finance Current Account deficit) .4/19/2014 Mrunal [Economic Survey Ch7] International Trade. FDI 2. The CAD continues to be high mainly because of 1. DGAD falls under Commerce Ministry. our excessive dependence on oil imports. 9/21 Decrease http://mrunal. 2. That is why I have been at pains to state over and over again that India. ASIDE. CEPA vs CECA Difference Explained » Mrunal Taxation: Export Precious stones Decrease exporting To encourage exports. Export duty on de-oiled rice bran oil cake has made our exports uncompetitive. there is no alternative except to import coal and adopt a policy of blending and pooled pricing. we continue to import large volumes of coal. but attract different rates of customs duty and counter veiling duty. I propose to increase the duty on such vehicles. Titanium dioxide is used in paint and coating industry. motorcycles. I propose to reduce the duty on pre-forms of precious and semi-precious stones from 10 percent to 2 per cent. Prices of unprocessed ilmenite have gone up several fold in the export market. FTA. weapons. Odisha. artificial joints. E-BRC. I propose to impose a duty of 10 percent on export of unprocessed ilmenite.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. tank. Hence. yachts and similar vessels. I propose to equalize the duties on both kinds of coal and levy 2 per cent customs duty and 2 per cent CVD. If the coal requirements of the existing and future power plants are taken into account. Hence. PTA. Found in TN. http://mrunal. Kerala. I propose to withdraw the said duty. Titanium is used in aircraft. There is an affluent class in India that consumes imported luxury goods such as high end motor vehicles. oil cake Eliminated Coal Streamlined Luxury vehicle Increased Coal dependence Despite abundant coal reserves.html/print/ 10/21 . I am sure they will not mind paying a little more.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. Considering the need to conserve our natural resources. sporting equipment and high performance alloys. At present both Steam coal and Bituminous coal are used in thermal power stations. Ilmenite Increased Side note: Ilmenite is the primary ore of titanium. g. In 2013. E-BRC. hence the price of imported XYZ item is more than the locally produced “desi” variety. Coal ministry will announce the policies in this regard. But the American Government provides some subsidies to their exporters. Rajiv Gandhi Equity savings scheme RGESS). we must reduce our dependence on imported coal.html/print/ 11/21 . international trading system. And that xyz thing is also manufactured by Indian producers as well. unbiased. Ultimately.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. Because the (domestic) American shrimp industry had complained that Indian Government provides lot of incentives. we saw the measures taken by govt.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. US Department of Commerce started investigation a countervailing duty (CVD) investigation against India and six other countries on export of shrimp. CEPA vs CECA Difference Explained » Mrunal In the medium to long term. there is need to be vigilant regarding gold inflows through unauthorized channels (= Smuggling). Rangachary was also a member of Shome Panel (for GAAR). Trade Agreement India always stood for open. What is countervailing duty (CVD)? Suppose we imported xyz thing from USA. the best way to reduce gold imports in a sustainable way will be to offer the public financial investment opportunities that generate attractive returns. This means bringing down inflation as well as expanding the range of investments investors have easy access to. Indian Government can imposes addition tax on the imported item to protect the domestic industry. By the way. PTA. Conclusion Gold and CAD In the earlier article on Gold ETF. And or The Indian producers are required to pay more taxes hence desi variety has become more expensive than the American product. This is known as countervailing duty (CVD). but since http://mrunal. subsidies and tax reliefs to Indian shrimp exporters. IT The Rangachary Committee was appointed to look into tax matters relating to Development Centres & IT sector and Safe Harbour rules for a number of sectors. so US Government should impose a CVD on the shrimps imported from India. In such case. to reduce the gold import(click me) While the supply of gold through organized channels can be constricted. One of the ways forward is to devise a PPP policy framework to increase the production of coal. FTA. ASIDE. (e. 21.Africa Los Cabos. Russia Trade Blocs/ Regional Groups List is not exhaustive.html/print/ . E-BRC. 19. 9. 10. 15. Important Summits 2012 SAARC Addu. 17. 14. There is also need to address the inverted duty structure in sectors like electronics. 6. textiles. 2. Maldives (2011) ASEAN Phnom Penh. we need to focus on Regional Trade agreements (RTAs). FTA. S. Australia St. PTA. 4.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. CEPA vs CECA Difference Explained » Mrunal WTO negotiations are not moving in positive direction. 11. 7. Australia Brunei Canada Chile China HongKong Indonesia Japan SouthKorea Malaysia Mexico New Zealand Papua NewGuinea Peru Philippines Russia Singapore Taiwan Thailand United States Vietnam 12/21 APEC Asia-Pacific Economic Cooperation http://mrunal. 5. 18. 8. Petersburg. Mexico Brisbane. Particularly for exporting our technologyintensive items.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. ASIDE. 1. 12. 16. 20. and chemicals and the artificial inverted duty structure caused by some FTAs/RTAs. 13. 3. Cambodia BRICS Delhi G20 2013 Kathmandu Brunei Durban. 8. 6. 6. FTA. 4. 4. India. 6. 9. India. E-BRC. 3. Names not worth the space hahaha. 3. Myanmar. 5. Sri Lanka. 5. 2. 1. China and South Africa CELAC Community of Latin American and Caribbean States 33 countries in that region. 7. ASIDE. 2. Russia. 3. 4. Bangladesh China India S. 1.Korea Sri Lanka Brunei Cambodia Indonesia Laos Malaysia Burma (Myanmar) Philippines Singapore Thailand Vietnam Bangladesh Bhutan Myanmar India Nepal SriLanka Thailand Brazil Russia India China South Africa ASEAN Association of South East Asian Nation BIMSTEC Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. 4. 9. 1. 4. 10. 7.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. 5. 1. 5. 2. 3. PTA. 7.html/print/ . 5. 8. Bangladesh. 2. Armenia Azerbaijan Belarus Kazakhstan Kyrgyzstan Moldova Russia Tajikistan Uzbekistan CIS Commonwealth of Independent States COMESA Common Market for Eastern and Southern Africa 20 member states stretching from Libya to 13/21 http://mrunal. CEPA vs CECA Difference Explained » Mrunal APTA Asia Pacific Trade agreement 1.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. 2. and Thailand Economic Cooperation BRICS Brazil. 3. 27. 3. 6. 7. 23. PTA. 1.html/print/ . 15 members in Western Africa. ASIDE. 24. 7. 18. 3. 25. 5. 19. 12. 21. 11. 1. 4. 5. 9. 20. 13. 8. 26. 15. E-BRC.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. 4.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. 11. 8. 6. 22. 2. 2. 10. FTA. 3. 14. 1. 10. 2. 16. CEPA vs CECA Difference Explained » Mrunal ECOWAS Economic Community of Western African States Zimbabwe. Iceland Liechtenstein Norway Switzerland Austria Belgium Bulgaria Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden UK Argentina Australia Brazil Canada China European Union France Germany India Indonesia Italy 14/21 EFTA European Free Trade association EU European Union G20 Group of 20 http://mrunal. 9. 4. 17. 11. List is not worth the table space hahaha. E-BRC. 1. 1. 16. Australia Bangladesh Comoros India Indonesia Iran Kenya Madagascar Malaysia Mauritius Mozambique Oman 15/21 IBSA India Brazil South Africa IORARC/Ocean Indian Ocean Rim association of Rim regional cooperation. 12. 2. FTA. ASIDE. 6. 6. 14. 5. 6. 13. 7. 4. 7. 1. 8. 4. 18. http://mrunal. India 2. 3. 4. South Africa 1. 20. 17. 15. 3. 10.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. 5. Brazil 3. 2.html/print/ .4/19/2014 Mrunal [Economic Survey Ch7] International Trade. 2. Japan Mexico Russia SaudiArabia SouthAfrica SouthKorea Turkey UnitedKingdom UnitedStates Canada France Germany Italy Japan Russia UK US Bahrain Kuwait Qatar Saudi Arabia Oman United Arab Emirates (UAE) G8 Group of 8 (Wealthiest nations) GCC Gulf cooperation council GSTP Global system of trade preferences 44 developing countries. CEPA vs CECA Difference Explained » Mrunal 12. 8. 3. 5. PTA. 9. 19. (Mercado Comun Del sur) NAFTA North American Free Trade Agreement 1. 6. 20. 8. CEPA vs CECA Difference Explained » Mrunal 13. 5.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. 4. 6. Seychelles Singapore S. 19. PTA. 7. 3. 17. 2.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. 2. 1. 2.html/print/ 16/21 . 18. 4. ASIDE. 5. Afghanistan Bangladesh Bhutan India Maldives Nepal Pakistan Sri Lanka South Africa Botswana Lesotho Swaziland Namibia India Paki Nepal Lanka Bangladesh Bhutan Maldives Afghanistan (latest member) SAARC South Asian Association for Regional Cooperation SACU Southern African Customs Union SAFTA South Asia Free Trade Agreement http://mrunal. 5. Mexico 1. 16. US 3. 14. 1. 3. FTA. 7. 15. 4. E-BRC. 4. 2.Africa Sri Lanka Tanzania Thailand UAE Yemen Argentina Brazil Paraguay Uruguay Venezuela (member since 2012) MERCOSUR Southern Common Market. Canada 2. 1. 8. 3. 3. 5. CEPA http://mrunal. 3. Russia. Afghanistan 7. Singapore b. c. US b. Afghanistan d. change in crude oil prices b. Kazakhstan. World economy is moving towards a stalemate d. CEPA vs CECA Difference Explained » Mrunal SCO Shanghai Cooperation Organisation 1. China. Kyrgyzstan. Which of the following is not among the top 3 trading partners of India? a. IMF: Advanced Economies in ASIA 1.html/print/ 17/21 . Japan c. ASIDE. E-BRC.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. World economy is moving in positive direction c. Baltic dry index measures a. India doesn’t have FTA agreement with a. Switzerland d. Thailand b. India doesn’t have PTA agreement with a. change in dollar’s value against major currencies. Japan 4. India doesn’t have trade surplus with a.Korea Hong Kong Singapore Taiwan Mock Question 1. Sri Lanka 6. 5. Mercosur c. Hong Kong c. 2. Malaysia d. Increase in Baltic Dry index means a. With Japan. S.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. 3. 6. 4. India has ______ agreement a. None of Above 2. UAE c. 2. China d. Uzbekistan. All of above 5. PTA. Performance of share markets in Baltic nations d. Chile b. FTA. 4. Tajikistan. None of above 3. World economy is moving in negative direction b. WTO d. Developing. E-BRC. G20 summit was held in a.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. Only FDI. 12. Coal d. crude oil import c. 14. All of above Current Account Deficit can be financed through a. Delhi c. Kathmandu b. both d. Aluminum c. FDI. G8 For 2013. 17. b. none Rangachary Committee is associated with taxation of ____ sector. PTA. G8 d. Bituminous coal c. ASIDE. FII b. Los Angeles 18/21 http://mrunal.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. 2013. SAARC summit will be held in a. FTA. Only ECB and FII d. Magnesium Which of the follow coal is used in Thermal power stations? a. UNCTAD c. ASEAN India has high current account deficit mainly because of a. member. G20 c. SAARC d. Developed. Fisheries c. Only FDI and ECB c. PTA d. 10. Lahore d. 11. steam coal b. BRICS b. UN b. coal import b. slow down in export d. UNESCO In 2012. CECA c. No trade GSTP aims to increase trade between _____ countries under ______. 9. All. IT b. Copper b. G20 c. UNESCO b. 13.html/print/ . CEPA vs CECA Difference Explained » Mrunal 8. Thimpu Durban summit. Titanium d. a. a. 16. 15. FII and ECB Ilmenite is the primary ore of a. is associated with a. gems and jewelry Addu declaration is associated with a. G20 d. Pakistan and Afghanistan 19/21 http://mrunal. G20. COMESA. only US. Uruguay d. SACU d. 20. 5 b. Mexico d. Asia d. 21.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. BIMSTEC. Canada b. Iraq c. E-BRC. ASEAN b. Syria b. 7 d.html/print/ . Venezuela NAFTA includes a. US.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. Mexico c. None of above Phnom Penh hosted the _____ summit in 2012. is a member of GCC? a. ASIDE. Los Cabos d. BRICS c. Paraguay c. Australia c. G20 b. Only Canada. ASEAN. 8 SAFTA doesn’t include a. 27. FTA. only US. b. Bahrain d. b. Canada and Mexico SAARC has ___ members a. EFTA c. All of above Who among the following. ASEAN. ASEAN d. None Which of the following is associated with African Continent? a. Europe b. 19. a. PTA. Iran G8 doesn’t have member from which continent? a. ECOWAS c. CEPA vs CECA Difference Explained » Mrunal 18. BIMSTEC. 22. 24. Both d. 6 c. None of above Switzerland is a member of a. 23. China. North America MERCOSUR membership doesn’t include a. 26. 25. EU b. Phnom Penh c. G20 c. Brazil b. G8 Correct order in terms of membership (smaller to bigger) a. BIMSTEC. a. Ceramic d. Farmers b. ASIDE. IT c. Christine lagarde. Jim Yong Kim c. none Who benefits from E-BRC scheme? a. Pascal Lamy. Russia and China d. Handicraft In 2013. Japan recently inked a pact with India to import ____. which of the following is not an Advanced economy a. Pascal Lamy d. FTA. Pascal Lamy. Eggs and unprocessed meat c. Rice b. ____ and ____ are the chiefs of World Bank. both d. Singapore c. Indian Embassies in Brazil. Christine lagarde. Electronics b.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. Indian Exporters b. CEPA vs CECA Difference Explained » Mrunal 28. Leatherwork c.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. Handloom. South Korea d. 31. Commerce Ministry c. Indian IT companies c. Apparel d. China and Myanmar c. PTA. Finance ministry b. Kolhapur c. 36. Morbi was declared a town of export excellence for its ____ sector a.html/print/ . All of Above ASIDE Scheme is meant to 20/21 http://mrunal. Service Government provides interest subvention to a. handicraft exporters c. IMF and WTO respectively a. b. Shaharanpur In 2013. Gurgaon was declared a town of export excellence for its ___ sector a. Pascal Lamy To reduce its dependence on China. 37. Jim Yong Kim. Christine lagarde. Gurgaon d. 32. Ahmedabad b. Taiwan b. 33. 30. PMO Which of the following is a town of export excellence for Apparel a. External Affairs ministry d. Nepal and Myanmar d. Christine lagarde. 35. Iron ore d. Jim Yong Kim b. 34. Automobile b. China ___. Jim Yong Kim. Rare earth minerals The annual supplements to Foreign Trade policy are released by a. E-BRC. 29. Myanmar and Maldives As per IMF classification. E-BRC. provide assistance to HIV positive people. improve infrastructure for Export development c. 41. It is imposed on imported goods in certain circumstances. c. Provide assistance to physically challenged b. Protect exporters against currency exchange rate fluctuations d. Protect exporters against domestic industry in the foreign country c. External Affairs Ministry d. CEPA vs CECA Difference Explained » Mrunal 38. OECD b. PTA.org/2013/04/economic-survey-ch7-internationaltrade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. FTA. Commerce Ministry b. It is an example of Indirect Tax b. provide loans to farmers d. Both d.html Posted By Mrunal On 26/04/2013 @ 21:45 In the category Economy http://mrunal. None What is the purpose of countervailing duty? a. IMF URL to article: http://mrunal. World Bank d. Finance Ministry c. Home ministry Countervailing Duty: correct statements a.html/print/ 21/21 . 40. Matters related to dumping falls under the purview of a. None of above “Ease of Doing business” data is released by a.org/2013/04/economic-survey-ch7-international-trade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained. ASIDE. Protect domestic industry against foreign industry b. WTO c. 39.4/19/2014 Mrunal [Economic Survey Ch7] International Trade. a.
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