At the 10th ASEAN-India Summit in New Delhi on 20 December 2012, India and ASEAN concluded negotiations on free trade agreements on services and investment. Both sides expect bilateral trade to rise to $100 billion by 2015 and $200 billion within a decade.  Asean`s share of India`s total trade deficit increased from about 7% to 12% over the same period. The country also bled in its comprehensive economic partnership agreement with South Korea, where its deficit rose from $5 billion in 2009-10 to $12 billion in 2018-19. The story is similar with the Indeinem and Japanese free trade agreement called CEPA, which came into force on August 1, 2011. Before the signing of the agreement, Kerala`s Chief Minister, V.S. Achuthanandan, led a delegation to the Indian Prime Minister to protest against the free trade agreement. The state of Kerala is a major exporter of domestic exports of plantation products. It is concerned that cheap imports of rubber, coffee and fish will reduce local production and ultimately harm farmers and their economies.  Kerala has already experienced a flood of its market with cheap imports under the 2006 South Asia Free Trade Agreement. Cheap coconuts from Sri Lanka and palm oil from Malaysia have since hampered the cultivation of Kerala coconut.
 He added that India had recorded a trade deficit in all major trade agreements, with the exception of the South Asia Free Trade Agreement (SAFTA). India`s trade deficit has widened since the launch of free trade agreements with Asean, according to the report prepared by the PHD Chamber of Commerce and Industry and published on 11 November 2019. Recognizing this development and recognizing the economic potential for closer ties, both sides recognized opportunities to deepen trade and investment relations and agreed to negotiate a framework agreement to pave the way for the creation of an ASEAN-India Free Trade Area (FTA).  Another interesting observation in the paper is that India`s net exports to non-trade countries were only slightly lower than its net exports to countries with free trade agreements. On the other hand, imports from countries with trade agreements were much larger, resulting in a trade deficit for India. According to the PHD Chamber report, India`s imports from asean countries increased sharply relative to its exports to those countries after the signing of these agreements. In 1992, India became an ASEAN sectoral dialogue partner and India saw its trade with ASEAN increase relative to its trade with the rest of the world. Between 1993 and 2003, bilateral trade between ASEAN and India increased by 11.2% per year, from $2.9 billion in 1993 to $12.1 billion in 2003.
 Much of India`s trade with ASEAN is directed to Singapore, Malaysia and Thailand, with which India has close economic relations.  ASEAN-India trade increased by more than 22% per year over the 2005-2011 period. India-ASEAN trade increased by more than 37% in 1964-2002 to $79 billion, more than the $70 billion target set in 2009.  On the other hand, India is at the end of the Asean Comprehensive Economic Cooperation Agreement, to which it joined in 2010. India`s total trade deficit with Asean increased from $8 billion in 2009-10 to about $22 billion in 2018-19. In 2008, the total volume of ASEAN-India trade was $47.5 billion. ASEAN`s exports to India amounted to $30.1 billion , a 21.1% increase over 2007.