India: Bilateral And Regional Economic Co-Operation

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Prior to the economic reforms process initiated in 1991, India had adopted a very cautious and guarded approach to economic cooperation with other countries in the region. Recognizing that regional economic cooperation would continue to feature prominently in world trade, India engaged with its trading partners/blocks with the intention of expanding its export market and began concluding regional trade agreements. In 1991, India unveiled the Look East policy. East Asia - which includes Japan, China, South Korea, and ASEAN - became India's largest trading partner, ahead of the European Union and the United States. The proliferation of free trade agreements is the clearest evidence of Asian countries' desire to forge closer economic relationships. For two decades now, world economies have witnessed a paradigm shift towards market-oriented economic policies and a careful dismantling of obstacles in international trade. This has helped the smaller emerging economies gain access to world markets, modern technologies, and collaborations. This has also given them a window to the developed world and helped them understand the significant role of globalization as an instrument which could be utilized not just to achieve economic efficiency, but also to eradicate poverty. This book examines India's economic and trade relations with different countries of the world. [Subject: India Studies, Economics]

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