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These two goods are constituting 53% total imports, 34% total exports and nearly 100% of total trade deficit (136 billion US$) of India in the financial year 2013–14. [2] The services trade (exports and imports) are not part of commodities trade. The trade surplus in services trade is US$70 billion in the year 2017–18. [3]
In general, PTAs do not cover substantially all trade. The India Mercosur Preferential Trade Agreement is an example of a PTA. [2] A free trade agreement (FTA) also involves reducing or eliminating tariffs on items traded between the partner countries; however each maintains individual tariff structure for non-members.
For most economies worldwide, their leading export and import trading partners in terms of value are typically the United States, the European Union (EU) or China. Emerging markets such as Russia, Brazil, India, South Africa, Saudi Arabia, the UAE, Turkey, and Iran are becoming increasingly important as major markets or source countries in various regions.
India and Kenya have growing trade and commercial ties. Bilateral trade amounted to $2.4 billion in 2010–2011 but with Kenyan imports from India accounting for $2.3 billion, the balance of trade was heavily in India's favour. India is Kenya's sixth-largest trading partner and the largest exporter to Kenya.
As of 2023, India is the seventh largest exporter of commercial services in the world, [12] accounting for 4.6% of global trade in services. India's service exports grew by 27%. [13] In September, India's prominent services industry experienced an acceleration in growth, buoyed by robust demand in the sector.
The United States is India's largest trading partner and two-way trade between the two countries surpassed $118 billion in 2023/24, with India posting a trade surplus of $32 billion.
Vietnam has bilateral free trade agreements with the following countries and blocs: Japan (Entry into force in 2009) [100] Chile (Entry into force in 2014) [101] South Korea (Entry into force in 2015) [102] European Union (Entry into force in 2020) [21] United Kingdom (Entry into force in 2021) [103] Israel (Entry into force in 17 November 2024 ...
India, the world's fifth-largest economy, aims to boost bilateral trade with the U.S. while reducing dependence on China. The two countries are India's top trading partners.