India and the Association of Southeast Asian Nations (ASEAN) signed the Comprehensive Economic Cooperation Agreement (CECA) in 2005. This agreement aims to enhance economic ties between India and ASEAN and promote their economic integration.

Under this agreement, India and ASEAN have committed to reduce tariffs on goods, liberalize trade in services, and enhance investment flows between the two regions. The CECA covers a range of sectors including agriculture, textiles, automobiles, pharmaceuticals, and tourism.

Since the implementation of the CECA, bilateral trade between India and ASEAN has increased significantly. In 2020, India`s trade with ASEAN stood at USD 65.04 billion, with exports from India to ASEAN valued at USD 24.64 billion and imports from ASEAN valued at USD 40.40 billion.

The CECA has also facilitated the movement of people between India and ASEAN. It has provisions for the mutual recognition of qualifications and the liberalization of the movement of natural persons. This has led to increased collaboration in areas such as education, research, and development.

The CECA has benefited both India and ASEAN in several ways. For India, it has provided access to a large and growing market in Southeast Asia. ASEAN, on the other hand, has gained access to India`s large and rapidly expanding market.

However, there are some challenges in implementing the CECA. Non-tariff barriers, such as standards and regulations, continue to be a hurdle for businesses. In addition, there are concerns regarding the protection of intellectual property rights and the impact of the agreement on small and medium-sized enterprises.

In conclusion, the CECA between India and ASEAN has played a significant role in enhancing economic ties between the two regions. Despite the challenges, the agreement has the potential to further boost trade and investment flows and strengthen the economic integration of India and ASEAN.