To mitigate the losses resulting from early trade, the Indian government must be able to effectively redistribute some of the wealth to industries that suffer from increasing competition with ASEAN markets.  In this way, the overall welfare benefits would increase in India and India would ultimately benefit from trade with ASEAN. Recognizing this trend and recognizing the economic potential of closer ties, the two sides recognized the opportunities to deepen trade and investment relations and agreed to negotiate a framework agreement to pave the way for the establishment of an ASEAN-India Free Trade Area (FTA).  With a population of $1.2 billion and a GDP of $1.8 billion – the fourth largest in the world – India is certainly a valuable trading partner of ASEAN. India`s imports from ASEAN were estimated at $47.13 billion, while its exports to ASEAN amounted to $34.2 billion.  Customs (Products under the ASEAN-India Comprehensive Economic Cooperation Agreement) Regulations 2009 In 2008, the total volume of ASEAN-India trade was $47.5 billion. . . .