India Strengthens Global Trade Footprint with Five Key FTAs, Pursues Talks with EU, US

New Delhi, Aug 11 (KNN) India has significantly strengthened its international trade relationships over the past five years by signing five major Free Trade Agreements while advancing negotiations on several additional accords, according to Minister of State for Commerce and Industry Jitin Prasada’s written response to the Rajya Sabha.

The Minister provided this information in response to a parliamentary query from Congress member Jebi Mather Hisham regarding India’s international trade agreements signed during the previous five-year period and their current implementation status.

During this timeframe, India successfully implemented multiple trade agreements, including the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement in 2021, the India-UAE Comprehensive Economic Partnership Agreement in 2022, and the India-Australia Economic Cooperation and Trade Agreement in 2022. 

The India-EFTA Trade and Economic Partnership Agreement was signed in 2024, while the India-UK Comprehensive Economic Trade Agreement was concluded in 2025 but remains pending implementation.

Trade performance data across these agreements has shown varied results, according to reports from ANI. The India-Australia Economic Cooperation and Trade Agreement demonstrated export growth of 14 percent in 2023-24 and 8 percent in 2024-25, though India maintains a negative trade balance with Australia. 

The Mauritius agreement has consistently generated a trade surplus for India.

Trade with the UAE has experienced substantial increases in both exports and imports, primarily driven by petroleum commerce, which has resulted in a growing trade deficit. 

For the 2024-2025 period, India’s primary imports from the UAE consisted of crude petroleum, petroleum products, and related commodities. However, Indian agricultural and pharmaceutical exports to the UAE have shown positive growth trajectories.

The Minister noted that the India-UAE Free Trade Agreement has generated additional benefits beyond traditional trade metrics. The agreement has facilitated significant growth in Foreign Direct Investment between the two nations, according to his parliamentary response.

The India-EFTA Trade and Economic Partnership Agreement is scheduled for implementation later this year, pending completion of ratification procedures by all participating parties. 

India has also concluded negotiations for a Comprehensive Economic Partnership Agreement with Oman and continues to pursue various other trade arrangements.

Current ongoing negotiations include agreements with the European Union, Australia for a Comprehensive Economic Cooperation Agreement, Sri Lanka, Peru, Chile, New Zealand, and the United States. 

Additionally, India is undertaking modernization efforts for existing trade frameworks, including updates to the ASEAN-India Trade in Goods Agreement established in 2009 and the India-Korea Comprehensive Economic Partnership Agreement also signed in 2009.

(KNN Bureau)

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