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On May 5, 2022, trade and finance ministers from East African Community (EAC) member countries agreed to raise minimum common external tariffs from 25 to 35 percent on several agricultural products.
South Asia, which includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, accounts for 24 percent of the world’s population, with 1.84 billion people in 2019.
In recent years, India’s exports have demonstrated phenomenal growth – especially to developing countries, which now account for nearly 80 percent of Indian exports.