New Delhi [India], August 10 (ANI): India has strengthened its trade ties over the past five years, signing five major Free Trade Agreements (FTAs) and progressing on several new deals, Minister of State for Commerce and Industry Jitin Prasada informed the Rajya Sabha in a written reply this week.
Congress member Jebi Mather Hisham asked the Minister to apprise the House about the number of international trade agreements that have been signed by India in the last five years, besides details of their implementation.
The agreements inked over the past 5 years include the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) implemented in 2021, the India-UAE Comprehensive Economic Partnership Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (ECTA) 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, which is yet to come into force.
Trade data shared by the Union Minister shows mixed outcomes.
Under the India-Australia ECTA, exports grew 14 per cent in 2023-24 and 8 per cent in 2024-25, though the trade balance remained negative in both the latest fiscals.
The Mauritius trade deal maintained a consistent trade surplus, while trade with the UAE recorded significant growth in both exports and imports, primarily driven by petroleum products. A widening deficit has been noticed vis-a-vis the UAE.
For India-UAE FTA, core imports in 2024-2025 included Petroleum: Crude, Petroleum Products, and other related commodities. India’s exports of agricultural products and pharmaceuticals have registered growth.
“Additionally, the FTA has also led to a significant growth in Foreign Direct Investment,” the minister said in his reply.
The India-European Union Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is expected to be implemented later this year once all parties complete their ratification processes.
Meanwhile, India has concluded negotiations for a Comprehensive Economic Partnership Agreement with Oman, and is in advanced talks for several other agreements, including the India-EU FTA, India-Australia Comprehensive Economic Cooperation Agreement (CECA), India-Sri Lanka Economic and Technology Cooperation Agreement, India-Peru FTA, India-Chile CEPA, India-New Zealand FTA, and a bilateral trade agreement with the United States.
Additionally, India is reviewing and upgrading older trade pacts such as the ASEAN-India Trade in Goods Agreement (2009) and the India-Korea CEPA (2009). (ANI)
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