The growing importance of FDI among developing countries has led to a huge volume of empirical wo... more The growing importance of FDI among developing countries has led to a huge volume of empirical work on this topic. However, there is a dearth of research on factors that affect FDI to South Asia. Moreover, the existing studies on South Asia mostly focus on macroeconomic variables such as Gross Domestic Product (GDP), domestic capital formation, interest rate, real effective exchange rate, labour and trade openness and overlook the crucial role that institutions and political factors might play in determining FDI in South Asia. This paper attempts to understand the importance of various underlying determinants of FDI and using a dynamic panel data model for 1999-2013, argues that institutional and political factors are as important in determining FDI flows to South Asia as the conventional economic factors. The main findings of the paper are that countries with a large market size, stable macroeconomic environment, a higher level of existing FDI, a more liberal trading regime and low...
Improvements in the land route between India and Pakistan can help lower transaction costs which ... more Improvements in the land route between India and Pakistan can help lower transaction costs which can play in important role in realizing the trade potential between the two countries. Connecting India and Pakistan by the land route offers gains not only to the two countries but would spread over a wide geography covering several countries. With the vision of connecting India and Pakistan to Central Asia and East Asia, this paper makes an attempt to examine trade between India and Pakistan by different modes of transport, identify physical and non-physical impediments to transporting goods by rail and road while taking into account the implications of trade policy for transporting goods; suggests measures to address these constraints which are also in compliance with the provisions in the recently signed WTO Agreement on Trade Facilitation. The paper also suggests how acceding to international conventions will make it easier for the two countries to connect with the rest of the world.
Disclaimer: Opinions and recommendations in the report are exclusively of the author(s) and not o... more Disclaimer: Opinions and recommendations in the report are exclusively of the author(s) and not of any other individual or institution including ICRIER. This report has been prepared in good faith on the basis of information available at the date of publication. All interactions and transactions with industry sponsors and their representatives have been transparent and conducted in an open, honest and independent manner as enshrined in ICRIER Memorandum of Association. ICRIER does not accept any corporate funding that comes with a mandated research area which is not in line with ICRIER's research agenda. The corporate funding of an ICRIER activity does not, in any way, imply ICRIER's endorsement of the views of the sponsoring organization or its products or policies. ICRIER does not conduct research that is focused on any specific product or service provided by the corporate sponsor.
Trade facilitation measures improve the trading environment by reducing transaction costs and the... more Trade facilitation measures improve the trading environment by reducing transaction costs and thereby increasing the gains from trade. Although the use of trade facilitation measures for tackling trade bottlenecks has gained traction in recent times, one aspect which remains largely unexplored is the importance of gender sensitivity in trade facilitation. The gender dimensions of trade facilitation and logistics have largely been examined in sub-Saharan Africa. In South Asia, however, not much attention has been given to understand the gender impact of services involved in trade facilitation like customs and border management, logistic services, trade infrastructure and transportation. The practice of employing gender differentiated filters on trade policies, port-level procedures, infrastructure planning, and design of trade promotion programs is almost nonexistent in South Asia. The neglect of gender specific constraints and impediments within the overall frame of trade facilitation has serious implications not just for women's empowerment but also for productivity and growth potential of these economies. The current paper is part of a systematic initiative to develop an analytical framework to identify the challenges and impediments faced by women in engaging in cross-border trade, with particular emphasis on demonstrating the importance of gender mainstreaming for trade facilitation measures in South Asia.
Nepal, a landlocked country, relies on transit access from neighbouring countries to participate ... more Nepal, a landlocked country, relies on transit access from neighbouring countries to participate in international trade. For Nepal, the nearest sea-port is that of Kolkata in India and the transit arrangements between the two countries are governed by two main legal instruments: India-Nepal Treaty of Trade and Transit and the India-Nepal Rail Services Agreement. However, there are a large number of inadequacies in the prevailing India-Nepal transit treaty encompassing issues with regard to documentation requirements, transhipment procedures, sensitive items, arbitrary bank guarantees, and poor infrastructure The study undertakes a detailed review of the transit treaties and the existing procedures with a view to identifying documentation and procedural impediments, infrastructure constraints and other non-physical barriers. In particular the current transhipment modality has been examined and bottlenecks related to the procedure have been identified. The relevance of WTO Trade Facilitation Agreement (TFA) has also been discussed in the context of Nepal's transit. Recommendations for improving transit by road and rail have been made to streamline India-Nepal transit and revise the prevailing treaties as per international standards.
Opinions and recommendations in the report are exclusively of the author(s) and not of any other ... more Opinions and recommendations in the report are exclusively of the author(s) and not of any other individual or institution including ICRIER. This report has been prepared in good faith on the basis of information available at the date of publication. All interactions and transactions with industry sponsors and their representatives have been transparent and conducted in an open, honest, and independent manner as enshrined in ICRIER Memorandum of Association. ICRIER does not accept any corporate funding that comes with a mandated research area which is not in line with ICRIER's research agenda. The corporate funding of an ICRIER activity does not, in any way, imply ICRIER's endorsement of the views of the sponsoring organization or its products or policies. ICRIER does not conduct research that is focused on any specific product or service provided by the corporate sponsor.
Despite an uncertain political relationship, and tensions between India and Pakistan, healthcare ... more Despite an uncertain political relationship, and tensions between India and Pakistan, healthcare is a sector for trade that has the potential to grow. It is a soft sector, offering a win-win situation for both countries as producers will get a larger market for their products while consumers will have more options and superior quality products to choose from. Given India's growth in the area of providing medical value travel facilities in South Asia, the objective of the study is to explore the potential of enhancing trade in the health sector, between India and Pakistan. Based on a survey of hospitals, intermediaries and patients, the study examines the key characteristics and constraints of India-Pakistan trade in health services. The study also documents lessons that India can learn from its South-East Asian competitors in the medical tourism industry and finally recommends policies that will improve trade in health services between India and Pakistan.
Disclaimer: Opinions and recommendations in the report are exclusively of the author(s) and not o... more Disclaimer: Opinions and recommendations in the report are exclusively of the author(s) and not of any other individual or institution including ICRIER. This report has been prepared in good faith on the basis of information available at the date of publication. All interactions and transactions with industry sponsors and their representatives have been transparent and conducted in an open, honest and independent manner as enshrined in ICRIER Memorandum of Association. ICRIER does not accept any corporate funding that comes with a mandated research area which is not in line with ICRIER's research agenda. The corporate funding of an ICRIER activity does not, in any way, imply ICRIER's endorsement of the views of the sponsoring organization or its products or policies. ICRIER does not conduct research that is focused on any specific product or service provided by the corporate sponsor.
The study finds that there has been a limited impact of trade liberalization on the volume of tra... more The study finds that there has been a limited impact of trade liberalization on the volume of trade between the two countries. The shift from positive list to negative list has not resulted in any major increase in new exports. The share of new commodities exports in total exports has showed a rise of only 9 percentage points between 2012-13 and 2016-17. However, the trade basket has witnessed a diversification in terms of number of new items traded. The study finds that there is evidence of items shifting from informal to formal channels. The study also finds that the imposition of regulatory duties and compliance of standards has not affected India’s exports to Pakistan. The study concludes by making policy recommendations that could enhance and facilitate bilateral trade between India and Pakistan.
In 2006, India, along with Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka, signed th... more In 2006, India, along with Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka, signed the South Asian Free Trade Agreement (SAFTA) under the aegis of the South Asian Association for Regional Cooperation or SAARC (Afghanistan was included as a member in 2007). The members of SAFTA include five least developed countries (LDCs)—Afghanistan, Bangladesh, Bhutan, the Maldives and Nepal, and three non-least developed countries (NLDCs)—India, Pakistan and Sri Lanka. India is the largest economy in South Asian region accounting for more than 801 per cent of South Asia’s GDP. More than 90 per cent of the regional trade of Bangladesh, Nepal and Sri Lanka as well as a major part of their global trade is with India. In 2013–2014, Bangladesh was India’s largest trading partner accounting for 35 per cent of India’s total trade with all South Asian countries, followed by Sri Lanka at 26 per cent, Nepal at 21 per cent and Pakistan at 13 per cent.2 Trade amongst the remaining South Asian cou...
The year 2018 was a milestone year for India-Bhutan relationship as the countries celebrated the ... more The year 2018 was a milestone year for India-Bhutan relationship as the countries celebrated the accomplishments of the last fifty years of time-tested and special ties. The mutually beneficial economic ties have been the centre-piece of India-Bhutan relationship. India is Bhutan's largest export market, the biggest source of its imports and one of the top foreign investors in the country. India also provides Bhutan transit facility through its territory to access sea ports for trading with rest of the world. Cooperation in hydropower projects is one of the most significant examples of win-win cooperation between India and Bhutan. These projects are a reliable source of inexpensive and clean electricity to India, a major contributor towards Bhutanese GDP and strengthening India-Bhutan economic integration. Bhutan has been pivotal to two of India's major foreign policies-the 'Neighborhood First Policy' and the 'Act-East Policy'. After coming into power in 2014, the Narendra Modi-led BJP government has laid special emphasis on India's neighborhood as well as its relations with Bhutan, which have mostly been tension free. It is in this context that this paper examines the bilateral economic relationship between India and Bhutan. The paper analyses the bilateral trade patterns of India and Bhutan along with their maximum additional potential. The paper discusses Bhutan's transit arrangement with India, the importance of connectivity between the two countries, the flow of Indian investment in Bhutan and the cooperation between India and Bhutan in hydroelectric power projects. The paper discusses several constraints to trade and transit infrastructure. It also discusses issues related to cross-border trade in electricity. The paper concludes by making policy recommendations that could enhance the economic relationship between India and Bhutan.
4.3 Operational Structure 4.3.1 Funding Ensuring adequate finances for the NTTFC is vital for i... more 4.3 Operational Structure 4.3.1 Funding Ensuring adequate finances for the NTTFC is vital for its sustainability and success. Funding should be provided on a rolling basis for periods of not less than three years, as recommended by UNESCAP.
Informal trade continues to thrive between India and Pakistan despite recent measures undertaken ... more Informal trade continues to thrive between India and Pakistan despite recent measures undertaken by the two countries to normalize trade and reduce transport impediments. This calls for an in-depth analysis of India’s informal trade with Pakistan. Studying the informal aspect of the trading relationship would offer insights into the functioning of the bilateral economic relationship and help provide policy inputs into the trade normalization process. In this context the study (i) identifies factors determining informal trade, (ii) prepares estimates of India’s informal trade with Pakistan, (iii) examines the modalities of informal trade, (iv) analyzes the transaction cost incurred in trading formally and informally, and (v) proposes recommendations needed to shift informal trade to formal channels. The analysis carried out on the basis of an extensive survey conducted in India and Dubai estimates informal trade to be US$ 4.71 billion. Of this, India’s exports to Pakistan are estimat...
The growing importance of FDI among developing countries has led to a huge volume of empirical wo... more The growing importance of FDI among developing countries has led to a huge volume of empirical work on this topic. However, there is a dearth of research on factors that affect FDI to South Asia. Moreover, the existing studies on South Asia mostly focus on macroeconomic variables such as Gross Domestic Product (GDP), domestic capital formation, interest rate, real effective exchange rate, labour and trade openness and overlook the crucial role that institutions and political factors might play in determining FDI in South Asia. This paper attempts to understand the importance of various underlying determinants of FDI and using a dynamic panel data model for 1999-2013, argues that institutional and political factors are as important in determining FDI flows to South Asia as the conventional economic factors. The main findings of the paper are that countries with a large market size, stable macroeconomic environment, a higher level of existing FDI, a more liberal trading regime and low...
India Quarterly: A Journal of International Affairs
India and Nepal have traditionally shared a unique relationship of friendship and economic cooper... more India and Nepal have traditionally shared a unique relationship of friendship and economic cooperation. The relationship is characterised by an open and people-friendly border and is built on shared historical, cultural, linguistic and ethnic links between people residing in India and Nepal. With Nepal being a priority under India ‘Neighborhood First’ policy, strengthening the economic relationship holds immense significance and potential for both the countries. While the political relations between India and Nepal have been extensively studied, there is not much literature that explores the economic relationship between the two nations. This is an important issue to study, as India is Nepal’s largest export market, the biggest source of its imports, the top investor of foreign capital stock and among the largest donors of foreign aid. India also provides Nepal transit facility through its territory to access seaports for trading with the rest of the world. Given this, the main obje...
The growing importance of FDI among developing countries has led to a huge volume of empirical wo... more The growing importance of FDI among developing countries has led to a huge volume of empirical work on this topic. However, there is a dearth of research on factors that affect FDI to South Asia. Moreover, the existing studies on South Asia mostly focus on macroeconomic variables such as Gross Domestic Product (GDP), domestic capital formation, interest rate, real effective exchange rate, labour and trade openness and overlook the crucial role that institutions and political factors might play in determining FDI in South Asia. This paper attempts to understand the importance of various underlying determinants of FDI and using a dynamic panel data model for 1999-2013, argues that institutional and political factors are as important in determining FDI flows to South Asia as the conventional economic factors. The main findings of the paper are that countries with a large market size, stable macroeconomic environment, a higher level of existing FDI, a more liberal trading regime and low...
Improvements in the land route between India and Pakistan can help lower transaction costs which ... more Improvements in the land route between India and Pakistan can help lower transaction costs which can play in important role in realizing the trade potential between the two countries. Connecting India and Pakistan by the land route offers gains not only to the two countries but would spread over a wide geography covering several countries. With the vision of connecting India and Pakistan to Central Asia and East Asia, this paper makes an attempt to examine trade between India and Pakistan by different modes of transport, identify physical and non-physical impediments to transporting goods by rail and road while taking into account the implications of trade policy for transporting goods; suggests measures to address these constraints which are also in compliance with the provisions in the recently signed WTO Agreement on Trade Facilitation. The paper also suggests how acceding to international conventions will make it easier for the two countries to connect with the rest of the world.
Disclaimer: Opinions and recommendations in the report are exclusively of the author(s) and not o... more Disclaimer: Opinions and recommendations in the report are exclusively of the author(s) and not of any other individual or institution including ICRIER. This report has been prepared in good faith on the basis of information available at the date of publication. All interactions and transactions with industry sponsors and their representatives have been transparent and conducted in an open, honest and independent manner as enshrined in ICRIER Memorandum of Association. ICRIER does not accept any corporate funding that comes with a mandated research area which is not in line with ICRIER's research agenda. The corporate funding of an ICRIER activity does not, in any way, imply ICRIER's endorsement of the views of the sponsoring organization or its products or policies. ICRIER does not conduct research that is focused on any specific product or service provided by the corporate sponsor.
Trade facilitation measures improve the trading environment by reducing transaction costs and the... more Trade facilitation measures improve the trading environment by reducing transaction costs and thereby increasing the gains from trade. Although the use of trade facilitation measures for tackling trade bottlenecks has gained traction in recent times, one aspect which remains largely unexplored is the importance of gender sensitivity in trade facilitation. The gender dimensions of trade facilitation and logistics have largely been examined in sub-Saharan Africa. In South Asia, however, not much attention has been given to understand the gender impact of services involved in trade facilitation like customs and border management, logistic services, trade infrastructure and transportation. The practice of employing gender differentiated filters on trade policies, port-level procedures, infrastructure planning, and design of trade promotion programs is almost nonexistent in South Asia. The neglect of gender specific constraints and impediments within the overall frame of trade facilitation has serious implications not just for women's empowerment but also for productivity and growth potential of these economies. The current paper is part of a systematic initiative to develop an analytical framework to identify the challenges and impediments faced by women in engaging in cross-border trade, with particular emphasis on demonstrating the importance of gender mainstreaming for trade facilitation measures in South Asia.
Nepal, a landlocked country, relies on transit access from neighbouring countries to participate ... more Nepal, a landlocked country, relies on transit access from neighbouring countries to participate in international trade. For Nepal, the nearest sea-port is that of Kolkata in India and the transit arrangements between the two countries are governed by two main legal instruments: India-Nepal Treaty of Trade and Transit and the India-Nepal Rail Services Agreement. However, there are a large number of inadequacies in the prevailing India-Nepal transit treaty encompassing issues with regard to documentation requirements, transhipment procedures, sensitive items, arbitrary bank guarantees, and poor infrastructure The study undertakes a detailed review of the transit treaties and the existing procedures with a view to identifying documentation and procedural impediments, infrastructure constraints and other non-physical barriers. In particular the current transhipment modality has been examined and bottlenecks related to the procedure have been identified. The relevance of WTO Trade Facilitation Agreement (TFA) has also been discussed in the context of Nepal's transit. Recommendations for improving transit by road and rail have been made to streamline India-Nepal transit and revise the prevailing treaties as per international standards.
Opinions and recommendations in the report are exclusively of the author(s) and not of any other ... more Opinions and recommendations in the report are exclusively of the author(s) and not of any other individual or institution including ICRIER. This report has been prepared in good faith on the basis of information available at the date of publication. All interactions and transactions with industry sponsors and their representatives have been transparent and conducted in an open, honest, and independent manner as enshrined in ICRIER Memorandum of Association. ICRIER does not accept any corporate funding that comes with a mandated research area which is not in line with ICRIER's research agenda. The corporate funding of an ICRIER activity does not, in any way, imply ICRIER's endorsement of the views of the sponsoring organization or its products or policies. ICRIER does not conduct research that is focused on any specific product or service provided by the corporate sponsor.
Despite an uncertain political relationship, and tensions between India and Pakistan, healthcare ... more Despite an uncertain political relationship, and tensions between India and Pakistan, healthcare is a sector for trade that has the potential to grow. It is a soft sector, offering a win-win situation for both countries as producers will get a larger market for their products while consumers will have more options and superior quality products to choose from. Given India's growth in the area of providing medical value travel facilities in South Asia, the objective of the study is to explore the potential of enhancing trade in the health sector, between India and Pakistan. Based on a survey of hospitals, intermediaries and patients, the study examines the key characteristics and constraints of India-Pakistan trade in health services. The study also documents lessons that India can learn from its South-East Asian competitors in the medical tourism industry and finally recommends policies that will improve trade in health services between India and Pakistan.
Disclaimer: Opinions and recommendations in the report are exclusively of the author(s) and not o... more Disclaimer: Opinions and recommendations in the report are exclusively of the author(s) and not of any other individual or institution including ICRIER. This report has been prepared in good faith on the basis of information available at the date of publication. All interactions and transactions with industry sponsors and their representatives have been transparent and conducted in an open, honest and independent manner as enshrined in ICRIER Memorandum of Association. ICRIER does not accept any corporate funding that comes with a mandated research area which is not in line with ICRIER's research agenda. The corporate funding of an ICRIER activity does not, in any way, imply ICRIER's endorsement of the views of the sponsoring organization or its products or policies. ICRIER does not conduct research that is focused on any specific product or service provided by the corporate sponsor.
The study finds that there has been a limited impact of trade liberalization on the volume of tra... more The study finds that there has been a limited impact of trade liberalization on the volume of trade between the two countries. The shift from positive list to negative list has not resulted in any major increase in new exports. The share of new commodities exports in total exports has showed a rise of only 9 percentage points between 2012-13 and 2016-17. However, the trade basket has witnessed a diversification in terms of number of new items traded. The study finds that there is evidence of items shifting from informal to formal channels. The study also finds that the imposition of regulatory duties and compliance of standards has not affected India’s exports to Pakistan. The study concludes by making policy recommendations that could enhance and facilitate bilateral trade between India and Pakistan.
In 2006, India, along with Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka, signed th... more In 2006, India, along with Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka, signed the South Asian Free Trade Agreement (SAFTA) under the aegis of the South Asian Association for Regional Cooperation or SAARC (Afghanistan was included as a member in 2007). The members of SAFTA include five least developed countries (LDCs)—Afghanistan, Bangladesh, Bhutan, the Maldives and Nepal, and three non-least developed countries (NLDCs)—India, Pakistan and Sri Lanka. India is the largest economy in South Asian region accounting for more than 801 per cent of South Asia’s GDP. More than 90 per cent of the regional trade of Bangladesh, Nepal and Sri Lanka as well as a major part of their global trade is with India. In 2013–2014, Bangladesh was India’s largest trading partner accounting for 35 per cent of India’s total trade with all South Asian countries, followed by Sri Lanka at 26 per cent, Nepal at 21 per cent and Pakistan at 13 per cent.2 Trade amongst the remaining South Asian cou...
The year 2018 was a milestone year for India-Bhutan relationship as the countries celebrated the ... more The year 2018 was a milestone year for India-Bhutan relationship as the countries celebrated the accomplishments of the last fifty years of time-tested and special ties. The mutually beneficial economic ties have been the centre-piece of India-Bhutan relationship. India is Bhutan's largest export market, the biggest source of its imports and one of the top foreign investors in the country. India also provides Bhutan transit facility through its territory to access sea ports for trading with rest of the world. Cooperation in hydropower projects is one of the most significant examples of win-win cooperation between India and Bhutan. These projects are a reliable source of inexpensive and clean electricity to India, a major contributor towards Bhutanese GDP and strengthening India-Bhutan economic integration. Bhutan has been pivotal to two of India's major foreign policies-the 'Neighborhood First Policy' and the 'Act-East Policy'. After coming into power in 2014, the Narendra Modi-led BJP government has laid special emphasis on India's neighborhood as well as its relations with Bhutan, which have mostly been tension free. It is in this context that this paper examines the bilateral economic relationship between India and Bhutan. The paper analyses the bilateral trade patterns of India and Bhutan along with their maximum additional potential. The paper discusses Bhutan's transit arrangement with India, the importance of connectivity between the two countries, the flow of Indian investment in Bhutan and the cooperation between India and Bhutan in hydroelectric power projects. The paper discusses several constraints to trade and transit infrastructure. It also discusses issues related to cross-border trade in electricity. The paper concludes by making policy recommendations that could enhance the economic relationship between India and Bhutan.
4.3 Operational Structure 4.3.1 Funding Ensuring adequate finances for the NTTFC is vital for i... more 4.3 Operational Structure 4.3.1 Funding Ensuring adequate finances for the NTTFC is vital for its sustainability and success. Funding should be provided on a rolling basis for periods of not less than three years, as recommended by UNESCAP.
Informal trade continues to thrive between India and Pakistan despite recent measures undertaken ... more Informal trade continues to thrive between India and Pakistan despite recent measures undertaken by the two countries to normalize trade and reduce transport impediments. This calls for an in-depth analysis of India’s informal trade with Pakistan. Studying the informal aspect of the trading relationship would offer insights into the functioning of the bilateral economic relationship and help provide policy inputs into the trade normalization process. In this context the study (i) identifies factors determining informal trade, (ii) prepares estimates of India’s informal trade with Pakistan, (iii) examines the modalities of informal trade, (iv) analyzes the transaction cost incurred in trading formally and informally, and (v) proposes recommendations needed to shift informal trade to formal channels. The analysis carried out on the basis of an extensive survey conducted in India and Dubai estimates informal trade to be US$ 4.71 billion. Of this, India’s exports to Pakistan are estimat...
The growing importance of FDI among developing countries has led to a huge volume of empirical wo... more The growing importance of FDI among developing countries has led to a huge volume of empirical work on this topic. However, there is a dearth of research on factors that affect FDI to South Asia. Moreover, the existing studies on South Asia mostly focus on macroeconomic variables such as Gross Domestic Product (GDP), domestic capital formation, interest rate, real effective exchange rate, labour and trade openness and overlook the crucial role that institutions and political factors might play in determining FDI in South Asia. This paper attempts to understand the importance of various underlying determinants of FDI and using a dynamic panel data model for 1999-2013, argues that institutional and political factors are as important in determining FDI flows to South Asia as the conventional economic factors. The main findings of the paper are that countries with a large market size, stable macroeconomic environment, a higher level of existing FDI, a more liberal trading regime and low...
India Quarterly: A Journal of International Affairs
India and Nepal have traditionally shared a unique relationship of friendship and economic cooper... more India and Nepal have traditionally shared a unique relationship of friendship and economic cooperation. The relationship is characterised by an open and people-friendly border and is built on shared historical, cultural, linguistic and ethnic links between people residing in India and Nepal. With Nepal being a priority under India ‘Neighborhood First’ policy, strengthening the economic relationship holds immense significance and potential for both the countries. While the political relations between India and Nepal have been extensively studied, there is not much literature that explores the economic relationship between the two nations. This is an important issue to study, as India is Nepal’s largest export market, the biggest source of its imports, the top investor of foreign capital stock and among the largest donors of foreign aid. India also provides Nepal transit facility through its territory to access seaports for trading with the rest of the world. Given this, the main obje...
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