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Introduction

  • Sudhakar YedlaEmail author
  • Choongjae Cho
Chapter
Part of the SpringerBriefs in Economics book series (BRIEFSECONOMICS)

Abstract

The Indian economy, which remained inward looking and resorted to import substituting economic policies in the past, has opened doors to international markets during a decade long economic reforms that took place in the 1990s. Since then, the outlook for India in international trade has changed and has come a long way, with current exports and imports at 330 billion USD and 480 billion USD, respectively. However, India’s share of international trade is abysmal and need to be augmented further and deeper if the Indian dreams of becoming a developed nation were to come true. While the West has traditionally been a strong trade partner, Indian government is now looking towards East Asia for improved trade prospects. The Comprehensive Economic Partnership Agreement (CEPA) between India and Korea and also between India and Japan are a few such steps towards increased trade with East Asian countries.

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Indira Gandhi Institute of Development Research (IGIDR)MumbaiIndia
  2. 2.Korea Institute for International Economic Policy (KIEP)SeoulKorea

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