India has been an attractive partner for commerce since ancient times. After all, the famous expedition of Christopher Columbus was initially aimed at discovering a safer and shorter route to India for spice imports.
Within the last decade, India has developed
close commercial ties with many countries and has signed trade agreements that
allow it to export and import goods with a high profit margin. In this post, we
are looking at current commercial treaties that India is part of.
India is one of the top 20 exporting countries
in the world. The top 5 exports from the Republic of India are refined
petroleum, diamonds, drugs and medicines, rice, and gems. Also, in 2021, the
country was and still remains one of the primary global exporters of rice,
pepper, cotton yarn, diamonds, and synthetic jewelry stones. By GDP, India is
currently the 5th largest economy in the world.
Such a powerful economy cannot exist without a
network of connections with other states around the globe. India has trade
agreements with the UAE, China, the USA, Bangladesh, and Hong Kong. These are
also the countries where the best part of Indian exports goes.