India's Strategic Trade Expansion

Over the past five years, India has significantly broadened its international trade horizons by entering into five major Free Trade Agreements (FTAs), with several more under negotiation. This strategic move was highlighted by Minister of State for Commerce and Industry Jitin Prasada in a detailed response to the Rajya Sabha.

Key Agreements and Their Impact

The agreements include the India-Mauritius CECPA (2021), India-UAE CEPA (2022), India-Australia ECTA (2022), India-EFTA TEPA (2024), and the pending India-UK CETA (2025). Each agreement has shown varied results, with the India-Australia ECTA witnessing a 14% export growth in 2023-24, despite a trade deficit.

Future Prospects

India is not stopping here. Negotiations for a Comprehensive Economic Partnership Agreement with Oman are finalized, and discussions are ongoing with the EU, Australia, Sri Lanka, Peru, Chile, New Zealand, and the United States. Additionally, efforts to modernize existing agreements like the ASEAN-India Trade in Goods Agreement and the India-Korea CEPA are underway.