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IEFCI ROLE IN PROMOTION OF INTERNATIONAL TRADE BETWEEN INDIA AND INDO ASEAN NATIONS India became ASEAN Dialogue Partner in 1996. Preliminary ASEAN data showed that two-way merchandise trade between ASEAN and India reached USD 77.0 billion in 2019, while total FDI inflows from India amounted to USD 2.0 billion. This placed India as ASEAN’s sixth largest trading partner and eight largest sources of FDI among ASEAN Dialogue Partners. At the 2nd ASEAN-India Summit in 2003, the Leaders signed the ASEAN-India Framework Agreement on Comprehensive Economic Cooperation. The Framework Agreement laid a sound basis for the establishment of an ASEAN-India Free Trade Area (FTA), which includes FTA in goods, services and investment. The ASEAN-India Trade in Goods Agreement (AITIGA) entered into force on 1 January 2010. The signing of the AITIGA on 13 August 2009 in Bangkok paved the way for the creation of one of the world’s largest free trade areas with more than 1.9 billion people and a combined GDP of US$ 5.36 trillion. The ASEAN-India Trade in Services Agreement was signed by all Parties on 13 November 2014 and had entered into force on 1 July 2015. As of date, the Agreement has been ratified by all Parties. Meanwhile, the ASEAN-India Investment Agreement was signed by all Parties on 12 November 2014. The Agreement entered into force on 1 July 2015. To date, it has been ratified by all Parties, except Cambodia. The Government of the Republic of India (India) and the Governments of Brunei Darussalam, the Kingdom of Cambodia (Cambodia), the Republic of Indonesia (Indonesia), the Lao People’s Democratic Republic (Lao PDR), Malaysia, the Union of Myanmar (Myanmar), the Republic of the Philippines (the Philippines), the Republic of Singapore (Singapore), the Kingdom of Thailand (Thailand) and the Socialist Republic of Viet Nam (Viet Nam), Member States of the Association of Southeast Asian Nations (collectively, “ASEAN” or “ASEAN Member States”, or individually, “ASEAN Member State, AIFTA means the ASEAN-India Free Trade Area under the Framework Agreement on Comprehensive Economic Cooperation between the Republic of India and the Association of Southeast Asian Nations. PLAN OF ACTION (POA):POA, guides the implementation of ASEAN-India Strategic Partnership towards achieving the goals and objectives of the ASEAN-India Partnership for Peace, Progress and Shared Prosperity on 30 November 2004 in Vientiane, Lao PDR; the Vision Statement of the ASEAN-India Commemorative Summit on 20 December 2012 in New Delhi, India; and the Delhi Declaration of the ASEAN-India Commemorative Summit to Mark the 25th Anniversary of ASEAN-India Dialogue Relations on 25 January 2018 in New Delhi, India; as well as builds upon the achievements made under the previous POAs for 2010-2015 and 2016-2020 in all areas of common interest. Through the implementation of this POA, ASEAN and India will also work towards supporting the ASEAN Community building and integration process, including the ASEAN 2025: Forging Ahead Together, for a politically cohesive, economically integrated, socially responsible and a truly people-oriented, people-centred and rules-based ASEAN, narrowing the development gap and enhancing ASEAN Connectivity. Both sides will also further promote cooperation in addressing common and emerging challenges and enhance coordination in other international fora on issues of common concern to contribute to overall peace, stability and prosperity. The ASEAN Outlook on the Indo-Pacific (AOIP), adopted at the 34th ASEAN Summit in Bangkok, can serve as a guiding principle in promoting cooperation between ASEAN and India through the existing ASEAN-led mechanisms in the four key areas outlined in the Outlook, namely (i) maritime cooperation, (ii) connectivity, (iii) UN Sustainable Development Goals (SDGs) 2030, and (iv) economic and other possible areas of cooperation to contribute to peace, prosperity and development in the region. POLITICAL COOPERATION:Strengthen the existing mechanisms for consultation and cooperation between ASEAN and India including the ASEAN-India Summit, the ASEAN Post Ministerial Conference with India (PMC+1), ASEAN-India Senior Officials’ Meeting and ASEAN-India Joint Cooperation Committee, deepen dialogue and cooperation through ASEAN-led mechanisms including the East Asia Summit (EAS), ASEAN Regional Forum (ARF), and the ASEAN Defence Ministers’ Meeting Plus (ADMM-Plus). INDIA – SINGAPORE COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT (CECA) AND CULTURAL DIPLOMACY:India witnessed a remarkable increase in bilateral trade since the signing of the free trade agreement with Singapore in 2005. To ensure balanced trade, the two countries also agreed to expand tariff concessions for an additional 30 products, liberalizing the rule of origin for exports, rationalizing Product Specific Rules, and including provisions on Certificate of Origin. Since the signing of the CECA in 2005, India and Singapore have seen a significant increase in bilateral trade. Beyond economics, India and Singapore have collaborated on cultural diplomacy, with initiatives like the “India by the Bay” festival in Singapore, which showcases Indian culture, arts, and heritage. Socio-economic cooperation has been strong, with joint initiatives in education, particularly in IT and management studies, and Singapore investing in India’s Smart Cities Mission. INDIA – MALAYSIA COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT (MICECA) AND CULTURAL TIES: The MICECA was signed between India and Malaysia in 2011. The agreement includes concessions and reductions in tariff for trading certain goods, services, investments, and movement of natural persons. Despite the COVID-19 pandemic, Malaysia and India maintained their strong bilateral trade relations. The total trade, in fact, expanded by 26 per cent in 2021. India’s imports from Malaysia have increased by $ 5.9 Bn and exports have increased by $ 3.12 Bn. With bilateral trade agreement in place, Malaysian companies dealing with palm oil and palm oil products have also benefitted significantly owing to reduction in import duties. Culturally, both countries share a rich heritage, with a significant Indian diaspora in Malaysia contributing to the cultural fabric. The annual Indian cultural festivals, like Thaipusam, are celebrated with much fervour in Malaysia. India has also engaged in socio-economic initiatives, including joint research projects in traditional medicine and collaborations in the education sector. INDIA – THAILAND FTA – EARLY HARVEST SCHEME (EHS):India and Thailand have implemented Early Harvest Scheme (EHS) in 2006 to identify specific products for tariff reduction during the ongoing negotiations on the Free Trade Agreement. This is the initial

India’s policy on Foreign Direct Investment : Trends and Implications Abstract : Investment has historically played a key role in India’s growth. Developed nations are increasingly targeting emerging markets rich in labour, production capacity and profitability. In India, a large portion of foreign direct investment (FDI) flows into the infrastructure and energy sectors, which have seen rapid growth in the last five to six years. FDI not only drives economic growth but also provides critical non-debt financial resources for India’s advancement. Foreign companies are attracted to India for benefits such as special incentives such as low wages and tax breaks, contribution to job creation and technological growth. This article focuses on analysing the implications and trends on Foreign Direct Investment in India. It outlines India’s continuous reform efforts aimed at attracting investment and promoting local manufacturing. India’s appeal as an investment destination is strengthened by its market potential, skilled workforce and political stability. The government regularly reviews its FDI policy to ensure that India remains attractive and investment-friendly. A liberal and transparent FDI policy is in place, with entry through the automatic route in most sectors. Introduction : India’s foreign direct investment (FDI) policy aims to attract and regulate investments from foreign entities, facilitating economic growth, job creation, and infrastructure development. This policy has evolved through progressive liberalisation, which has opened up various sectors to foreign capital. An important feature of India’s FDI policy is the automatic route, which allows foreign investment without the need for prior approval from the government or the Reserve Bank of India (RBI). Investments not covered under the automatic route require approval from the relevant ministry or department.  In addition, FDI norms are designed to create a conducive environment for innovation and support startups, with a focus on increasing investments in technology and digital sectors. Recent policy adjustments have also impacted sectors such as defence, agriculture, and contract manufacturing, reflecting India’s ongoing efforts to strengthen its FDI framework. Evolution of FDI Policy in India : Early Phase (Pre-1991) 1947 – 1960s: Initial Caution and Import Substitution Post-Independence Era: After gaining independence in 1947, India adopted a mixed economy model. The focus was on self-reliance, import substitution, and building a strong public sector. Industrial Policy Resolution, 1948 and 1956: These policies laid the groundwork for India’s industrial development. They emphasised the importance of the public sector while keeping the private sector under strict regulation. FDI was permitted, but it was subject to tight control and mainly allowed in sectors where domestic capital was insufficient. Foreign Exchange Regulation Act (FERA), 1947: This act regulated foreign exchange transactions, impacting FDI inflows by imposing stringent controls on foreign capital and ownership. 1970s: Heightened Restrictions FERA, 1973: The amended FERA imposed stricter regulations on foreign companies operating in India. It required foreign firms to reduce their equity to 40% or below. This led to the exit or restructuring of many multinational companies. Monopolies and Restrictive Trade Practices (MRTP) Act, 1969: This act aimed at curbing the concentration of economic power and monopolistic practices, indirectly affecting foreign investments by imposing additional constraints on business operations. 1980s: Gradual Liberalisation Policy Shift: The early 1980s saw a shift towards a more open economy, driven by the need to modernise industry and boost economic growth. This period marked the beginning of gradual liberalisation in FDI policies. Industrial Policy, 1980: This policy allowed greater flexibility for foreign investments, particularly in high-technology and export-oriented sectors. It was aimed at attracting foreign technology and capital to help modernise Indian industries. Technology Policy Statement, 1983: This policy encouraged the inflow of foreign technology and capital to foster technological advancement and industrial growth. Post Era : 1990s: The Beginning of Economic Reforms 1991 Economic Crisis and Reforms Economic Crisis: India faced a severe balance of payments crisis in 1991, leading to a depletion of foreign exchange reserves. New Industrial Policy, 1991: The government, led by Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh, introduced sweeping economic reforms. The policy aimed at liberalizing the economy by reducing the role of the public sector, dismantling the License Raj, and encouraging private sector participation. FDI Liberalisation : The reforms allowed FDI in many sectors without prior government approval (automatic route), significantly easing the process for foreign investors. Key sectors opened included manufacturing, infrastructure, and services. Regulatory Reforms Foreign Exchange Management Act (FEMA), 1999: Replacing FERA, FEMA facilitated external trade and payments and promoted the orderly development and maintenance of the foreign exchange market in India. Sector-Specific Reforms: Various sectors saw increased FDI caps and eased regulations, including telecommunications, insurance, and banking.  2000s: Consolidation and Further Liberalisation Continued Reforms Expansion of Automatic Route: More sectors were brought under the automatic route for FDI, eliminating the need for government approval and streamlining investment processes. Increased FDI Caps: Caps on FDI in critical sectors such as telecommunications, insurance, retail, and aviation were raised, attracting substantial foreign investments. SEZ Act, 2005: The Special Economic Zones (SEZ) Act aimed to promote exports and attract FDI by offering tax incentives and simplified regulations in designated zones. Prominent Initiatives Make in India (2014): Launched by Prime Minister Narendra Modi, this initiative aimed to transform India into a global manufacturing hub. It focused on enhancing infrastructure, improving ease of doing business, and attracting FDI in various sectors. Startup India (2016): This initiative aimed at fostering entrepreneurship and encouraging innovation by providing support and incentives to startups, including facilitating access to foreign investment. 2010s: Increased Focus on Ease of Doing Business  Further Liberalisation Ease of Doing Business Reforms: Significant efforts were made to improve India’s ranking in the World Bank’s Ease of Doing Business index. Measures included simplifying tax regulations, enhancing contract enforcement, and streamlining construction permits. FDI in Retail and E-commerce: Liberalization extended to multi-brand retail and e-commerce, allowing greater foreign participation and fostering growth in these sectors. Defense and Railways: FDI limits in defense manufacturing and railways were raised, with the aim of modernizing infrastructure and boosting domestic production capabilities. 2020s: Continued Evolution and Strategic

Exploring the Prospects of International Mediation in India Introduction International mediation, a method of resolving conflicts and disputes with the aid of a neutral third party, holds increasing significance in today’s interconnected world especially on to the fact that court proceedings take a tiring amount of time. India, with its burgeoning economy and expanding global ties, stands at the threshold of shaping the future landscape of international mediation. Delving into History and Present Scenario India boasts a long-standing tradition of mediation, rooted in ancient customs. Presently, its legal framework for mediation includes acts like the Arbitration and Conciliation Act, 1996, and the Commercial Courts Act, 2015, with a notable emphasis on pre-institution mediation in commercial disputes. However, compared to arbitration, international mediation in India is still in its formative stages. Understanding the Legal Framework and Recent Progress Arbitration and Conciliation Act, 1996: This act lays down the initial groundwork for rules and regulations on the field of mediation in India, but its primary focus remains on arbitration. Commercial Courts Act, 2015: This legislation sets an outlook on mediation as a alternate dispute resolution in cases revolving around financial and commercial matters. The Act mandates pre-institution mediation in commercial disputes, reflecting an effort towards fostering early and timely resolutions for disputes and conflicts. Singapore Convention on Mediation: This Convention was the biggest and most effective step taken to extend International Mediation over various countries who had consented to the rules and regulations given through the convention. India’s signing of this convention in 2019 marks a significant step towards streamlining the enforcement of mediated settlements across borders. Driving Forces Steering the Future of International Mediation in India With India’s deepening integration into the global economy, the demand for effective dispute resolution mechanisms, including international mediation, is poised to surge. Given the substantial backlog in the Indian judicial system, mediation emerges as a swifter and more cost-effective alternative, particularly enticing for international businesses. The Indian government is actively championing alternative dispute resolution mechanisms, including mediation, to foster a business-friendly environment. Legislative reforms and the establishment of mediation centers underscore this commitment. Mediation resonates with India’s cultural ethos of consensus-building and community-driven conflict resolution. Ratifying and implementing international conventions like the Singapore Convention on Mediation will bolster India’s standing in the realm of international mediation. Navigating Through Challenges and Hurdles Limited understanding and acceptance of mediation among businesses and legal professionals pose a significant hurdle, necessitating efforts to build awareness and trust in the process. Ensuring enforceability of mediated settlements, both domestically and internationally, remains a key challenge, albeit one that initiatives like the Singapore Convention aim to address. Strengthening the legal framework and establishing robust mediation institutions are imperative for the sustainable growth of mediation. Standardized training programs and accreditation mechanisms for mediators are essential to enhance the credibility and efficacy of the process. Strategic Roadmap for Advancing International Mediation in India Legislative Reforms: Amendment as well as inclusion of additions to the existing legislations, Acts, and rules to provide a more coherent framework for international mediation in alignment with global standards. Awareness Campaigns: Conducting extensive awareness campaigns to educate stakeholders about the benefits and intricacies of mediation would be a very necessary step. It would also be a crucial step to make various cooperations and organizations aware of these dispute resolution methods especially when they play important International roles. Capacity Building Initiatives: Developing specialized training modules and accreditation platforms to nurture a pool of skilled mediators is also a step that is very much necessary to build an effective and highly skilled set of mediation institutions and mediators. Institutional Support: Establish dedicated mediation centers equipped with modern amenities and comprehensive support services. International Collaboration: Foster collaborations with global mediation institutions to share insights and elevate the stature of Indian mediation services. Technological Integration: Leverage technology to facilitate online mediation, making the process more accessible and efficient. Conclusion The horizon of international mediation in India appears promising, fueled by economic growth, governmental impetus, and cultural harmony. Yet, surmounting challenges related to awareness, enforcement, and institutional fortification is imperative. Through targeted reforms and capacity-building endeavors, India can carve a niche as a global hub for international mediation, yielding dividends for both domestic stakeholders and the international community alike.