From Russia to Israel: India Expands FTA Talks With EAEU, SACU, Mercosur And Boosts Export Performance
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 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.
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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Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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