This year, India’s FTAs with UAE and Australia were signed in February and April respectively. While the India-UAE Comprehensive Economic Partnership Agreement (CEPA) entered into force on May 1, 2022, the India-Australia Economic Cooperation and Trade Agreement (ECTA) entered into force from today, i.e., December 29, 2022.
In 2022, Indian government signed free trade agreements (FTA) with UAE and Australia and is actively engaged in bilateral FTA negotiations with the UK, Canada, the EU, and Israel, according to the year-end review of the Ministry of Commerce and Industry. The country’s focus is to secure certainty in market access and seek a regulatory environment.
India’s FTA with UAE will ensure commercially meaningful market access commitments by UAE in all important sub sectors and potential for UAE to be leveraged as a hub for exports to other countries especially in Gulf and African region, according to MoCI’s year-end review.
Similarly, India-Australia FTA will ensure a wide variety of trade opportunities and benefits for both countries.
India’s ongoing FTA negotiations with the UK cover areas such as goods, technical barriers to trade, sustainability, geographical indicators, among others. Political tensions in the UK and elections in key states in India slowed the talks. India is hoping to finalise the deal by March 2023.
In terms of FTA negotiations with Canada, India aims to focus on the right deal that benefits both nations.
India’s FTA with the EU will cover separate agreements on trade, investment, and geographical indicators. The FTA’s negotiating areas to include goods, customs, trade remedies, digital trade, government procurement, SMEs, among others. This FTA is expected to be concluded in the end of 2023 or early 2024.
Fibre2Fashion News Desk (DP)