India’s trade ties expansion: 5 major FTAs signed in five years; more deals in progress, says MoS Commerce & Industry – Times of India

Over the last five years, India has expanded its international trade relationships by signing five major Free Trade Agreements (FTAs) whilst progressing with several new negotiations, as detailed in Minister of State for Commerce and Industry Jitin Prasada‘s written response to the Rajya Sabha.The Minister provided this information in response to Congress member Jebi Mather Hisham’s query regarding India’s international trade agreements signed during the previous five years and their implementation status.The five-year period saw the implementation of multiple agreements namely:

The Minister’s trade data revealed varied results across different agreements, according to ANI report.The India-Australia ECTA showed export growth of 14 per cent in 2023-24 and 8 per cent in 2024-25, despite maintaining a negative trade balance. The Mauritius agreement demonstrated consistent trade surplus, whilst UAE trade saw substantial increases in both exports and imports, largely from petroleum trade, resulting in a growing deficit.Regarding the India-UAE FTA, primary imports for 2024-2025 comprised Petroleum: Crude, Petroleum Products, and associated items. Agricultural and pharmaceutical exports from India showed positive growth. “Additionally, the FTA has also led to a significant growth in Foreign Direct Investment,” the minister said in his response.The India-EFTA TEPA awaits implementation later this year, subject to ratification completion by all parties.India has finalised negotiations for a Comprehensive Economic Partnership Agreement with Oman and is pursuing various other agreements, including deals with the EU, Australia (CECA), Sri Lanka, Peru, Chile, New Zealand, and the United States.Furthermore, India is modernising existing trade agreements, including the ASEAN-India Trade in Goods Agreement (2009) and the India-Korea CEPA (2009).