India’s ambitious free trade agreement (FTA) agenda remains unaffected, with negotiations progressing as scheduled, a top government official clarified. Recent speculations suggesting a pause in FTA talks, particularly with the European Union (EU) and the United Kingdom (UK), have been dismissed as inaccurate.
The official emphasised that all ongoing FTA negotiations, including those with the EU and UK, are moving forward according to the established timeline. To underscore this commitment, a bilateral meeting between the Indian Commerce Secretary and the EU Director-General is slated for the coming weeks. This meeting will serve as a platform to review the progress of the India-EU trade agreement negotiations and discuss broader trade and technology issues within the framework of the Trade and Technology Council (TTC).
Beyond the EU and UK, India is actively engaged in FTA negotiations with several other countries, including Australia, Peru, Sri Lanka, and Oman. These agreements aim to significantly reduce or eliminate customs duties on a wide range of goods, liberalise trade in services, and create a favourable investment climate between the partner nations.
India has already successfully implemented FTAs with key trading partners such as Japan, Korea, Singapore, and the UAE. These agreements have facilitated increased trade and economic cooperation.
The Ministry of Commerce has outlined its plans for the next steps in FTA negotiations. The upcoming round of talks with Peru is contingent on the finalisation of India’s FTA strategy document, which is expected to be completed by the end of the year. This internal document will standardise the negotiation processes for future FTAs, ensuring a streamlined approach.
While the comprehensive economic partnership agreement (CEPA) with Oman was concluded in March 2023, further discussions are underway to finalise the details of the agreement.
India’s proactive stance on FTAs reflects its commitment to expanding global trade and fostering economic growth. By forging strategic partnerships with key economies, India aims to enhance its position in the global market and create new opportunities for businesses and consumers.
