THE MINISTER OF STATE IN THE MINISTRY OF COMMERCE AND INDUSTRY (INDEPENDENT CHARGE)
(SMT. NIRMALA SITHARAMAN)
(a) On account of its geographical size and population, diversified and mature economy, size of Gross Domestic Product (GDP), faster growth rate and trade surplus with all its neighbours, India occupies a pre- eminent position in the South Asia region. At the Fourteenth SAARC Summit held in New Delhi in April, 2007, India announced that it is ready to accept asymmetrical responsibilities, opening her market to her South Asian neighbours, without insisting on reciprocity.
(b) The value of trade (exports and imports) with neighbouring/SAARC countries during each of the last three years and the current year is given below:
Dated: 18/03/2015 Values in US $ Millions S.No. Country 2011-2012 2012-2013 2013-2014 2014-2015 (April-January) (Provisional) Exports Imports Exports Imports Exports Imports Exports Imports
South Asia 1. AFGHANISTAN 510.90 133.03 472.63 159.55 474.34 208.77 352.74 217.81 TIS 2. BANGLADESH 3,789 585.73 5,144 639.33 6,166 484.34 5,142 484.20 PR .21 .99 .97 .71 3. BHUTAN 229.86 202.55 233.22 164.00 355.60 152.17 224.47 118.64 4. MALDIVES 124.60 18.91 122.36 6.29 106.07 3.97 122.56 3.66 5. NEPAL 2,721 549.89 3,088 543.10 3,592 529.93 3,729 522.99 .57 .84 .30 .55 6. PAKISTAN 1,541 361.93 2,064 541.87 2,274 426.88 1,579 423.92 IR .57 .89 .30 .90 7. SRI LANKA 4,378 578.04 3,983 625.81 4,534 666.93 5,785 518.82 DSR .79 .87 .35 .88 Total of 13,296 2,430.08 15,110 2,679.95 17,503 2,472.98 16,937 2,290.04 South Asia .50 .80 .92 .81 Data Source: DGCIS, Kolkata DOC-NIC
Region-wise value of trade (exports and imports) are given in the annexure.
(c) During the five year period of 2009-10 to 2013-14, Indian exports to SAARC countries grew at a Compounded Annual Growth Rate (CAGR) of 20.18 percent, while imports from them grew at CAGR of 10.52 percent. During 2013-14, Sri Lanka, Bangladesh, Nepal and Pakistan figure in the top 35 exports destinations for Indian goods.
(d) India is focused on strengthening Trade in Services in SAARC region. Article 20 of the Agreement on South Asian Free Trade Area (SAFTA) provides for dispute settlement mechanism.
(e) Government has taken step to improve the trade infrastructure with neighbouring/SAARC countries. SAFTA provisions have also been liberalized by India/SAARC Countries to encourage greater trade.
