FREE TRADE AGREEMENTS – STRENGTHENING OR WEAKENING ECONOMIES?

FREE TRADE AGREEMENTS – STRENGTHENING OR WEAKENING ECONOMIES?

Registration ID: IJNRD_184933

Published ID: IJNRD2212199

DOI: Click Here to Get

Prof. Sachin Bhat , Mr. Poornapradnya Pandurangi

Free Trade Agreements (FTA), India, developed and developing nations, World Trade Organization (WTO), Asian Countries, European Union, Economic Cooperation, Trade Liberalization, Aatmanirbhar Bharat, trade protectionism.

Free Trade Agreement is a gift of development with a dear cost to bear on the other hand. Its existence marks from the first free trade agreement, the Cobden-Chevalier Treaty, which was put in place in 1860 between Britain and France which led to successive agreements between other countries in Europe. The scope and implementation of FTA does not mere restrict to developed countries but plays a vital role in the developing economies. On the verge of introduction to WTO and the replacement of GATT, lead the system to break barriers between people and trading systems of partnering economies. While, India’s significant contribution and gains amidst the trading partners amounting to structural changes in the relations with the WTO members in and around Asia, the favorable and unfavorable impacts on the domestic producers of the goods and services, investments, government procurements etc. listed in the FTA are covered in the ambit of my study. Our approach on the FTAs within Asia and that of European Union on the contrary is to highlight the trends of economic proliferation and depletion with respect to sectoral and economy as a whole. This paper emphasizes on how the free trade agreements function and result as a catalyst to foreign affairs and relationships in Asian and European countries individually, with less or more impact on GDP, customs and duties, economic infrastructure, intellectual property rights, investments, profitability and more. This paper analyses the facts and figures from selected free trade agreements in Asia and European Union and provide remarks on the key differences between the same as in the developed and developing economies, along with bringing light on the role of trade protectionism and AATMANIRBHAR Bharat (Self-Reliant India) as a boon or bane in executing favorable FTAs in Asian and European Nations resulting in economic cooperation and trade liberalization proven positive.

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"FREE TRADE AGREEMENTS – STRENGTHENING OR WEAKENING ECONOMIES?", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.7, Issue 12, page no.b896-b913, December-2022, Available :https://ijnrd.org/papers/IJNRD2212199.pdf

Volume 7 Issue 12, December-2022

Pages : b896-b913

Paper Reg. ID: IJNRD_184933

Published Paper Id: IJNRD2212199

Downloads: 000121207

Research Area: Commerce

Country: Hubli, KARNATAKA, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2212199.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2212199

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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