Reviving Global Trade: India's Ambitious Free Trade Agreements

India and the UK plan to resume talks on a free trade agreement (FTA) in February after election delays, while negotiations with the EU continue. The progress varies across agreements with potential growth in goods and services trade. Ongoing discussions also involve the Eurasian Economic Union and ASEAN.

India and the UK are poised to reconvene discussions on their proposed free trade agreement (FTA) in early February, according to the commerce ministry. Though talks initiated in January 2022, progress stalled due to both nations entering election cycles, and the 14th round of negotiations awaits a mutually convenient date.

Bilateral commerce between India and the UK exhibited robust growth, climbing to USD 21.34 billion in 2023-24 from USD 20.36 billion in the previous financial year. Alongside the UK discussions, a separate FTA negotiation is underway with the European Union, with the tenth round scheduled in March in Brussels, covering broad areas like goods, services, and investment.

Efforts to finalize a trade pact with the Eurasian Economic Union involve Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, with crucial trade statistics showcasing India's significant engagements with these regions. Concurrently, talks with ASEAN are advancing, signaling an optimistic yet complex landscape for India's international trade ambitions.

(With inputs from agencies.)