Think-tank Global Trade Research Initiative (GTRI) advised the Indian government should enter the bilateral free trade agreement study with Singapore and parts of the Association of Southeast Asian Nations (ASEAN) while reviewing the trade agreement with ten ASEAN countries.

India has signed a free trade agreement in goods with ASEAN since 2010. Besides, India entered a comprehensive free trade agreement (FTA) with Singapore in 2005. In addition, India signed a limited free trade measure with Thailand in 2006.

In the fiscal year 2022-23, India imported US$28.8 billion worth of goods from Indonesia, primarily including US$14.4 billion of coal, US$5.6 billion of palm oil, and US$0.9 billion of copper ore.

GTRI indicated that Indian coal imports, mostly steam coal, have increased by 121% in the past year. India should focus on using local coal because the local supply in India is sufficient. Regarding mustard and other similar oils, India should adopt MSP (minimum support price) to reduce domestic prices.