Faster import growth has led to a sharp increase in India`s trade deficit with ASEAN from less than $8 billion in 2009-10 to about $22 billion in 2018-19. ASEAN`s share of India`s total trade deficit increased from about 7% to 12% over the same period. India is one of the world`s fastest growing major economies and is an important player in the world`s economic government. India is an important trade and investment partner for the EU. It is a considerable and dynamic market, with an annual GDP growth rate of around 6% (before Covid-19). The plan of this preferential agreement is to strengthen the accessible relations between MERCOSUR and India and to promote the growth of trade by creating reciprocal firm tariff preferences with the ultimate aim of creating a free trade area between the parties. For fully multilateral agreements (not listed below), see the list of multilateral free trade agreements. . . .