Minister of Commerce and Industry of India Piyush Goyal stated in a press conference interaction on Thursday that India's free trade agreements will eventually provide India with preferential access to 75% of the world's global trade.
Goyal stated that the nine FTAs that the central government had executed from 2021 to 2026 will provide the country access to two-thirds of the world's trade.
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These FTAs include the India–Mauritius CECPA (Comprehensive Economic Cooperation and Partnership Agreement) in 2021, India–UAE CEPA (Comprehensive Economic Partnership Agreement with the United Arab Emirates) 2022, India–Australia ECTA (Economic Cooperation and Trade Agreement) 2022, and India–EFTA TEPA [Trade and Economic Partnership Agreement with European Free Trade Association nations (Switzerland, Norway, Iceland, and Liechtenstein)] 2024-2025.
It further includes India–UK CETA (Comprehensive Economic and Trade Agreement with the United Kingdom) 2025, India–Oman CEPA (Comprehensive Economic Partnership Agreement with Oman) 2025, India–New Zealand FTA (Free Trade Agreement) 2025, India–EU FTA (Free Trade Agreement with the European Union) 2026, and the USA / Interim Framework (trade framework and arrangements with the United States) 2026.
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Goyal stated that these aforementioned FTAs span 60 trillion dollars of Gross Domestic Product (GDP).
He also mentioned the other FTAs that India is expected to conclude in the coming months and years with countries such as Canada, Mexico, Israel, Mercosur and Chile, as well as regional blocs such as the Brazil-led group, the South Africa-led Southern African Customs Union (SACU) and the Gulf Cooperation Council (GCC). This, coupled with India's efforts to review its trade agreements with ASEAN, South Korea and Japan, will give the country access to 75% of global trade at rates lower than those offered to competitors.
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