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Mrunal [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) Indias 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 Indias 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. RBIs measures 10. Anti-Dumping Chindus 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.
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained Mrunal
^As per Commerce chapter India 2013 (Yearbook.) Compositional changes in Indias 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 Indias export depends mainly on following factors World growth Trading partners 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 Indias exports to Europe and America have declined, its exports to Asia and Africa have increased
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained Mrunal
In recent years, the top three trading partners of India = US, UAE, China (whoever their rank /position keeps changing like in the game of musical chairs). For 2011-12: first is China, second is UAE and third is USA. (2012-13 data yet to come)
Trade agreements
What? Preferential trade agreements lower customs duty on the products originating from the member countries. 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. Example NAFTA (among Mexico, US and Canada). Level of integration shallow
PTA
FTA
Shallow
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, 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, members and non-members. Customs Unions typically contain mechanisms to redistribute tariff revenue among members Example: Mercosur free flow labour, capital, and output (goods/services) among the members. Example, SICA (in Central America) members share a common currency and macro-economic policies (Example European Union). Example, European Union.
Shallow
Deep
deep
CECA
Comprehensive Economic Cooperation Agreement Reduce the tariffs (custom/import duties). Countries sign CECA first and then gradually move towards CEPA like agreement. Example, India has CECA with 1. Malaysia 2. Singapore 3. ASEAN (under negotiation)
CEPA
Comprehensive Economic partnership Agreement Reduce tariffs + cooperation in trade in services, investment. = wider scope. Example, India has CEPA With 1. Japan 2. South Korea 3. Sri Lanka (under negotiation)
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained Mrunal
1. Sri lanka 2. SAFTA (India, Pakistan, Nepal, Sri Lanka, Bangladesh, Bhutan and Maldives) 3. Nepal 4. Bhutan 5. Thailand, + early harvest Scheme (EHS) 6. Singapore (CECA) 7. ASEAN (CECA) 8. S.Korea: CEPA 9. Japan: CEPA 10. Malaysia: CEPA
1. Asia Pacific Trade Agrment (APTA): Bangladesh, China, India, S.Korea, Sri Lanka 2. Global system of trade preferences (GSTP) 3. Afghanistan 4. MERCOSUR 5. Chile
^as per commerce chapter, India 2013 (Yearbook). Further, India is currently negotiating 17 FTAs, including review/expansion of some of the existing ones. Issue: Government needs to review the inverted duty structure under the IndiaThailand FTA. Because finished jewelry imports from Thailand are cheaper than primary gold (raw material) available in India!
Regional Comprehensive Economic Partnership (RCEP) Agreement among ASEAN + 6 (Australia, China, India, Japan, Korea, and New Zealand). During 20th ASEAN summit in Phnom Penh Cambodia (in 2012), the ASEAN states agreed to move towards this agreement. Itll provide economic partnership among ASEAN + its FTA partners. RCEP will cover trade in goods, services, IPR, dispute settlement etc. Broad based trade and investment agreement. Negotiations still going on.
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India-EU
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, 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). India has unilaterally offered special concessions to Least developed countries under this agreement. Cabinet approved implementing Indias schedule of concessions under GSPT. India has also unilaterally offered special concessions to LDC In Nov. 2012, India and Japan signed a pact to enable Japan to import rare earth minerals from India. (This will help reduce Japans reliance on China for rare earth minerals). Rare earth minerals are important for high-tech electronics, mobile phones and hybrid cars, missile guidance systems etc.
Japan
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained Mrunal
etc. Support for export of green technology products Incentives for labour intensive industries, North East, agriculture etc.
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). Thus their time and money will be saved. For electronic transmission of foreign exchange realization from the respective banks to the Directorate General of Foreign Trade (DGFT) server on a daily basis.
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. Top 5 exporter states in India (also top-5 in terms of ASIDE allocation): Gujarat, Maharashtra, Tamil Nadu, Karnataka, and Andhra Pradesh. (Why? Think about the geographical, social, political, economic factors).
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained Mrunal
commerce ministry for boosting exports. year Place 1. Abad Textiles 2012 2. Kolhapur 3. Shaharanpur Handicraft 4. Morbi 2013 5. Gurgaon Apparel Ceramic Sector
^this list in not exhaustive. Ive only listed the new towns of export excellence under 2012 and 2013s annual supplements to foreign trade policy. But if and when youre preparing for UPSC interview, dig all the export excellence towns in your home state.
Interest Subvention
Earlier Government gave 2% interest subvention on handlooms, handicrafts, carpets, and SMEs This scheme has been extended to labor-intensive sectors viz. toys, sports goods, processed agricultural products, and readymade garments. Scheme is applicable upto 31 March 2014.
VKGuy
Vishesh Krishi and Gram Udyog Yojana (VKGUY) To promote the export of produce from agro, minor forest, gram udhyog etc.
RBIs measures
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, 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).
Anti-Dumping
Directorate General of Anti-dumping and Allied Duties (DGAD) has initiated 10 fresh cases. Against China PR, the European Union, South Korea, Malaysia, Mexico, Taiwan, Thailand, Turkey, Saudi Arabia, and the USA. DGAD falls under Commerce Ministry.
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. I propose to reduce the duty on specified machinery for manufacture of leather and leather goods and footwear.
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Decrease
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained Mrunal
Taxation: Export
Precious stones Decrease exporting To encourage exports, I propose to reduce the duty on pre-forms of precious and semi-precious stones from 10 percent to 2 per cent. Export duty on de-oiled rice bran oil cake has made our exports uncompetitive. Hence, I propose to withdraw the said duty. Prices of unprocessed ilmenite have gone up several fold in the export market. Considering the need to conserve our natural resources, I propose to impose a duty of 10 percent on export of unprocessed ilmenite. Ilmenite Increased Side note: Ilmenite is the primary ore of titanium. Found in TN, Odisha, Kerala. Titanium dioxide is used in paint and coating industry. Titanium is used in aircraft, tank, weapons, artificial joints, sporting equipment and high performance alloys. At present both Steam coal and Bituminous coal are used in thermal power stations, but attract different rates of customs duty and counter veiling duty. I propose to equalize the duties on both kinds of coal and levy 2 per cent customs duty and 2 per cent CVD. There is an affluent class in India that consumes imported luxury goods such as high end motor vehicles, motorcycles, yachts and similar vessels. I am sure they will not mind paying a little more. Hence, I propose to increase the duty on such vehicles.
oil cake
Eliminated
Coal
Streamlined
Luxury vehicle
Increased
Coal dependence
Despite abundant coal reserves, we continue to import large volumes of coal. If the coal requirements of the existing and future power plants are taken into account, there is no alternative except to import coal and adopt a policy of blending and pooled pricing.
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In the medium to long term, we must reduce our dependence on imported coal. One of the ways forward is to devise a PPP policy framework to increase the production of coal. Coal ministry will announce the policies in this regard.
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. By the way, Rangachary was also a member of Shome Panel (for GAAR).
Conclusion
Gold and CAD
In the earlier article on Gold ETF, we saw the measures taken by govt. to reduce the gold import(click me) While the supply of gold through organized channels can be constricted, there is need to be vigilant regarding gold inflows through unauthorized channels (= Smuggling). Ultimately, 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. (e.g. Rajiv Gandhi Equity savings scheme RGESS).
Trade Agreement
India always stood for open, unbiased, international trading system, but since
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WTO negotiations are not moving in positive direction, we need to focus on Regional Trade agreements (RTAs). Particularly for exporting our technologyintensive items. There is also need to address the inverted duty structure in sectors like electronics, textiles, and chemicals and the artificial inverted duty structure caused by some FTAs/RTAs.
Important Summits
2012 SAARC Addu, Maldives (2011) ASEAN Phnom Penh, Cambodia BRICS Delhi G20 2013
Kathmandu Brunei Durban, S.Africa Los Cabos, Mexico Brisbane, Australia St. Petersburg, Russia
APEC
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APTA
1. 2. 3. 4. 5. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 1. 2. 3. 4. 5. 6. 7. 1. 2. 3. 4. 5.
Bangladesh China India S.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
BIMSTEC
Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. Bangladesh, India, Myanmar, Sri Lanka, and Thailand Economic Cooperation
BRICS
CELAC
33 countries in that region. Names not worth the space hahaha. 1. 2. 3. 4. 5. 6. 7. 8. 9. Armenia Azerbaijan Belarus Kazakhstan Kyrgyzstan Moldova Russia Tajikistan Uzbekistan
CIS
COMESA
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ECOWAS
Zimbabwe. 15 members in Western Africa. 1. 2. 3. 4. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 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
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EFTA
EU
European Union
G20
Group of 20
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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
GCC
GSTP
44 developing countries. List is not worth the table space hahaha. 1. India 2. Brazil 3. South Africa 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Australia Bangladesh Comoros India Indonesia Iran Kenya Madagascar Malaysia Mauritius Mozambique Oman
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IBSA
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Seychelles Singapore S.Africa Sri Lanka Tanzania Thailand UAE Yemen Argentina Brazil Paraguay Uruguay Venezuela (member since 2012)
MERCOSUR
NAFTA
1. Canada 2. US 3. Mexico 1. 2. 3. 4. 5. 6. 7. 8. 1. 2. 3. 4. 5. 1. 2. 3. 4. 5. 6. 7. 8. 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
SACU
SAFTA
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SCO
1. 2. 3. 4. 5. 6.
Mock Question
1. Baltic dry index measures a. change in crude oil prices b. change in dollars value against major currencies. c. Performance of share markets in Baltic nations d. None of Above 2. Increase in Baltic Dry index means a. World economy is moving in negative direction b. World economy is moving in positive direction c. World economy is moving towards a stalemate d. None of above 3. Which of the following is not among the top 3 trading partners of India? a. US b. UAE c. China d. Japan 4. India doesnt have trade surplus with a. Singapore b. Hong Kong c. Switzerland d. All of above 5. India doesnt have PTA agreement with a. Chile b. Mercosur c. Afghanistan d. Sri Lanka 6. India doesnt have FTA agreement with a. Thailand b. Japan c. Malaysia d. Afghanistan 7. With Japan, India has ______ agreement a. CEPA
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b. CECA c. PTA d. No trade GSTP aims to increase trade between _____ countries under ______. a. Developed, UN b. Developing, UNCTAD c. All, WTO d. member, ASEAN India has high current account deficit mainly because of a. coal import b. crude oil import c. slow down in export d. All of above Current Account Deficit can be financed through a. Only FDI, FII b. Only FDI and ECB c. Only ECB and FII d. FDI, FII and ECB Ilmenite is the primary ore of a. Copper b. Aluminum c. Titanium d. Magnesium Which of the follow coal is used in Thermal power stations? a. steam coal b. Bituminous coal c. both d. none Rangachary Committee is associated with taxation of ____ sector. a. IT b. Fisheries c. Coal d. gems and jewelry Addu declaration is associated with a. UNESCO b. G20 c. SAARC d. G8 For 2013, SAARC summit will be held in a. Kathmandu b. Delhi c. Lahore d. Thimpu Durban summit, 2013, is associated with a. BRICS b. G20 c. G8 d. UNESCO In 2012, G20 summit was held in a. Los Angeles
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b. Phnom Penh c. Los Cabos d. None of above Phnom Penh hosted the _____ summit in 2012. a. ASEAN b. BRICS c. G20 d. G8 Correct order in terms of membership (smaller to bigger) a. ASEAN, BIMSTEC, G20 b. BIMSTEC, ASEAN, G20 c. BIMSTEC, G20, ASEAN d. None of above Switzerland is a member of a. EU b. EFTA c. Both d. None Which of the following is associated with African Continent? a. COMESA, b. ECOWAS c. SACU d. All of above Who among the following, is a member of GCC? a. Syria b. Iraq c. Bahrain d. Iran G8 doesnt have member from which continent? a. Europe b. Australia c. Asia d. North America MERCOSUR membership doesnt include a. Brazil b. Paraguay c. Uruguay d. Venezuela NAFTA includes a. only US, Canada b. only US, Mexico c. Only Canada, Mexico d. US, Canada and Mexico SAARC has ___ members a. 5 b. 6 c. 7 d. 8 SAFTA doesnt include a. China, Pakistan and Afghanistan
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b. China and Myanmar c. Nepal and Myanmar d. Myanmar and Maldives As per IMF classification, which of the following is not an Advanced economy a. Taiwan b. Singapore c. South Korea d. China ___, ____ and ____ are the chiefs of World Bank, IMF and WTO respectively a. Christine lagarde, Pascal Lamy, Jim Yong Kim b. Pascal Lamy, Christine lagarde, Jim Yong Kim c. Jim Yong Kim, Christine lagarde, Pascal Lamy d. Christine lagarde, Jim Yong Kim, Pascal Lamy To reduce its dependence on China, Japan recently inked a pact with India to import ____. a. Rice b. Eggs and unprocessed meat c. Iron ore d. Rare earth minerals The annual supplements to Foreign Trade policy are released by a. Finance ministry b. Commerce Ministry c. External Affairs ministry d. PMO Which of the following is a town of export excellence for Apparel a. Ahmedabad b. Kolhapur c. Gurgaon d. Shaharanpur In 2013, Morbi was declared a town of export excellence for its ____ sector a. Electronics b. Leatherwork c. Ceramic d. Handicraft In 2013, Gurgaon was declared a town of export excellence for its ___ sector a. Automobile b. IT c. Apparel d. Service Government provides interest subvention to a. Farmers b. Handloom, handicraft exporters c. both d. none Who benefits from E-BRC scheme? a. Indian Exporters b. Indian IT companies c. Indian Embassies in Brazil, Russia and China d. All of Above ASIDE Scheme is meant to
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Mrunal [Economic Survey Ch7] International Trade, FTA, PTA, ASIDE, E-BRC, CEPA vs CECA Difference Explained Mrunal
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a. Provide assistance to physically challenged b. improve infrastructure for Export development c. provide loans to farmers d. provide assistance to HIV positive people. Matters related to dumping falls under the purview of a. Commerce Ministry b. Finance Ministry c. External Affairs Ministry d. Home ministry Countervailing Duty: correct statements a. It is an example of Indirect Tax b. It is imposed on imported goods in certain circumstances. c. Both d. None What is the purpose of countervailing duty? a. Protect domestic industry against foreign industry b. Protect exporters against domestic industry in the foreign country c. Protect exporters against currency exchange rate fluctuations d. None of above Ease of Doing business data is released by a. OECD b. WTO c. World Bank d. IMF
URL to article: http://mrunal.org/2013/04/economic-survey-ch7-internationaltrade-fta-pta-aside-e-brc-cepa-vs-ceca-difference-explained.html Posted By Mrunal On 26/04/2013 @ 21:45 In the category Economy
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