India`s increasing openness and integration into the global economy were important factors in explaining the healthy economic growth of the 1990s. The recent economic slowdown shows the need to continue and even accelerate reforms. Transparency in decision-making, especially with regard to foreign investment, should also be increased if India is to achieve its foreign investment targets. The continued opening of the trade regime and the liberalization of the foreign investment regime are likely to be reflected in even higher growth rates than before. The Association of Indian Ocean Riparian Countries for Regional Cooperation was recently established with 13 other countries in the region. The statutes of the association were adopted in March 1997. Economic cooperation should take place in the areas of trade facilitation, promotion and liberalisation, promotion of foreign investment, promotion of scientific and technological cooperation, tourism, free movement of natural persons and service providers, and development of infrastructure and human resources. An enabling clause identifying other areas of cooperation is also included in the agreement. India has also signed subregional agreements with Nepal, Bangladesh, Myanmar and Bhutan and, more recently, with Bangladesh, Sri Lanka and Thailand. The details of the agreement with the term BISTEC are being formulated.
Agriculture is the oldest culture in all of human civilization. The history of agriculture in India goes back ten thousand years. The WTO succeeds the General Agreement on Tariffs and Trade (GATT), created in 1947. Gatt held a total of eight rounds. The WTO Agreement on Agriculture, known as the “International Treaty”, was one of the most important agreements negotiated during the Uruguay Round, in which a total of 123 countries participated. The objectives of WTO laws are to promote free and liberal trade. But there has been widespread abuse of this concept. Exporting countries have begun to dump their products into importing countries, which has posed a serious threat to the economies of developing countries, especially to India`s agriculture. India has signed bilateral agreements with two neighboring countries, Bhutan and Nepal, to give them preferential access. .