India Boosts Trade Ties with Five Major FTAs in Last Five Years
India has actively strengthened its trade relations over the past five years by signing five major Free Trade Agreements (FTAs) and advancing multiple new deals. Minister of State for Commerce and Industry, Jitin Prasada, informed the Rajya Sabha this week that the agreements include the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021; the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and India-Australia Economic Cooperation and Trade Agreement (ECTA) signed in 2022; the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) in 2024; and the India-UK Comprehensive Economic and Trade Agreement (CETA) signed in 2025 but yet to come into force. The trade deals have brought mixed outcomes. For instance, exports under the India-Australia ECTA grew by 14% in 2023-24 and 8% in 2024-25, although the trade balance remained negative. Trade with Mauritius kept a consistent surplus, while the India-UAE deal fueled growth in exports and imports, primarily driven by petroleum products, albeit with a widening deficit. “Additionally, the FTA has also led to a significant growth in Foreign Direct Investment,” said Minister Prasada.
India’s Five Major FTAs (2019-2025)
- India-Mauritius CECPA (2021)
- India-UAE CEPA (2022)
- India-Australia ECTA (2022)
- India-EFTA TEPA (2024)
- India-UK CETA (2025, pending implementation)
Trade Growth And Emerging Deals Shape India’s Global Relations
India’s trade agreements have boosted exports of agricultural products and pharmaceuticals, especially under the India-UAE FTA. Petroleum products dominate core imports from the UAE in 2024-25. The India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) awaits full ratification and is expected to come into force later this year. Negotiations for a Comprehensive Economic Partnership Agreement with Oman have concluded, and India is in advanced talks with the EU, Australia, Sri Lanka, Peru, Chile, New Zealand, and the United States. The government also reviews older agreements like the ASEAN-India Trade in Goods Agreement (2009) and the India-Korea CEPA (2009), aiming to upgrade and maximize benefits. These active trade moves signal India’s commitment to strengthening its global economic footprint.
India’s FTAs: Impact And Forward Movement
Trade data reveals the nuanced impacts of India’s FTAs. While some agreements, like with Mauritius, have maintained steady trade surpluses, others such as the India-Australia deal show increased exports but continued trade deficits. The India-UAE partnership fuels significant foreign investment growth and trade volume. New agreements under negotiation and ratification promise expanded market access and economic cooperation. With several pacts in progress and existing agreements under review, India demonstrates a strategic and proactive approach to international trade expansion. Stakeholders and investors should keep an eye on these evolving deals for market opportunities and potential challenges.
(From ANI)
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