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Global Economic and Financial Crisis: India’s Trade Potential and Prospects, and Implications for Asian Regional Integration

Author

Listed:
  • De, Prabir

    (Research and Information System for Developing Countries)

Abstract

This study estimates the trade potential for India using an augmented Gravity model and then attempts to determine the importance of trade remedies. Based on the panel data, this Gravity model is the first-ever attempt to estimate India’s trade potential in the pre- and post- global economic and financial crisis period. The estimates of India’s global trade potential reveal that the magnitude of India’s trade potential is at its maximum in the Asia-Pacific region, followed by Africa and Latin America. Potential for expansion of trade in the post-crisis period is highest for countries such as China. However, in a large part of the world, India’s trade has remained unrealized, which provides further opportunities to expand despite the slowdown in global demand. Nonetheless, there is a strong complementary role, as this study indicates; i.e., tariff liberalization and trade facilitation, which taken together can help build export momentum in the crisis period.

Suggested Citation

  • De, Prabir, 2010. "Global Economic and Financial Crisis: India’s Trade Potential and Prospects, and Implications for Asian Regional Integration," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 25, pages 32-68.
    • Handle: RePEc:ris:integr:0496
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    Citations

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    Cited by:

    1. Javeria Maryam & Ashok Mittal, 2019. "An empirical analysis of India’s trade in goods with BRICS," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 66(4), pages 399-421, December.
    2. Yufeng Ren & Zhemin Li & Yuting Wang & Tianyu Zhang, 2020. "Development and Prospect of Food Security Cooperation in the BRICS Countries," Sustainability, MDPI, vol. 12(5), pages 1-14, March.
    3. Petr Polak & Nikol Polakova & Anna Tlusta, 2020. "How Bad Are Trade Wars? Evidence from Tariffs," Working Papers 2020/15, Czech National Bank.

    More about this item

    Keywords

    Asia; India; trade; gravity model; financial crisis;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F15 - International Economics - - Trade - - - Economic Integration
    • F17 - International Economics - - Trade - - - Trade Forecasting and Simulation

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