The Global Regional Economic Partnership, also known as RCEP, is a mega trading bloc negotiated between the ten asean members and six other members, namely South Korea, Australia, China, Japan, New Zealand and India. It is a free trade agreement (FTA) proposed by these nations and includes goods and services, investments, intellectual property rights, economic and technical cooperation and dispute resolution. India and the EU expect bilateral trade to be encouraged by removing barriers to trade in goods and services and investment in all economic sectors. Despite the fact that the trade agreement with ASEAN has contributed to a huge growth in trade with India, the issue remains that the agreement has benefited the ASEAN region more than India. With the signing of the goods agreement, domestic markets are subject to fierce competition as they compete with cheaper products in the ASEAN region. For example, rubber imports from Malaysia, imports of palm oil from Indonesia have made it a harsh torture for local palm oil and rubber producers, particularly for the rubber plantations in Kerala, who have complained about cheaper imports since the agreement was signed. The Reciprocal Tariff Act (adopted on June 12, 1934, Chapter 474, 48 stat. 943, 19 U.C No. 1351) provided for the negotiation of customs agreements between the United States and various nations, including Latin American countries.  The law served as an institutional reform to allow the president to negotiate with foreign nations a reduction in tariffs in exchange for a reciprocal reduction in U.S. tariffs. This has led to a reduction in tariffs. The list of developed countries includes countries that have never benefited from unilateral trade preferences in Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, South Korea, Spain, Switzerland, Sweden, the United Kingdom and the United States and Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia (after EU membership in 2004) and Bulgaria and Romania (after EU membership in 2007).
The benchmarks contain only one falsification for all preferential (reciprocal) trade agreements. In contrast, the EU is India`s largest trading partner and investor and accounts for 11% of India`s world trade. To examine the problems raised in this paper, we argue with the variable “dummy” PTA in three different ways by interacting with the mannequins, whether or not the exporter and/or importing countries benefit from non-reciprocal preferential trade agreements. First, we will divide this model into two models, depending on whether the exporter is a beneficiary country (PTAXben) or a developed country (PTAXdev). Trade with India accounted for less than 3% of eu-wide world trade, which is “much lower” than expected from relations. Trade is of great importance to most nations in the modern world. Trade without barriers – free trade – is encouraged by institutions such as the World Trade Organization (WTO). In this context, India`s free trade agreements deserve special attention as an emerging superpower.