India Expands Global Trade Horizon with New FTAs

India is actively negotiating free trade agreements with numerous countries, including the US and the European Union, to boost bilateral trade. Recent talks with the US aim at enhancing trade ties by 2030. Significant investments and trade benefits are expected from these negotiations.

India is strategically advancing its global trade reach, engaging in active negotiations for free trade agreements (FTAs) with key global partners such as the United States, New Zealand, Oman, Peru, Chile, and the European Union. Commerce and Industry Minister Piyush Goyal highlighted these efforts during a recent presentation.

The minister disclosed ongoing discussions with Qatar and Bahrain, emphasizing the growing interest from the developed world in strengthening trade relations with India. This comes as India and the Eurasian Economic Union (EAEU) took a significant step by signing Terms of Reference to commence FTA negotiations.

In a recent economic dialogue with the US in New York, both nations deliberated on a proposed Bilateral Trade Agreement. The aim is to double bilateral trade to USD 500 billion by 2030, leveraging India's current position as the US's largest trading partner over four consecutive years. Upcoming pacts with EFTA promise substantial investments while supporting Indian trade interests.

(With inputs from agencies.)