Department of Commerce (DoC) of India, reviewed their achievements & also highlighted the FTA initiatives during the 2024. Focussing on Free Trade Agreement (FTA) negotiations:
India and the European Free Trade Association (EFTA) signed the Trade and Economic Partnership Agreement (TEPA) on 10th March 2024. EFTA countries comprise of Switzerland, Iceland, Norway & Liechtenstein. The TEPA is under the ratification process in the national parliament or legislature of each EFTA country.
TEPA marks India’s first FTA with an important economic bloc in Europe. Under TEPA, EFTA has committed to promote foreign direct investments by USD 100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments. TEPA is expected to give impetus to Make in India, and Atmanirbhar Bharat by encouraging domestic manufacturing.
India-European Union (EU) Free Trade Agreement (FTA) negotiations were formally re-launched on 17th June 2022 as follow up of India-EU Leaders announcement in Porto on 8th May 2021. Negotiations cover 23 policy areas/chapters. Nine Rounds of negotiations have been held till September, 2024.
India-UK FTA negotiations were launched on 13th January 2022. Thirteen Rounds of negotiations have been held till December 2023. The 14th Round of Negotiations, which began on 10th January 2024, was underway when negotiations were paused by UK side in May 2024 due to their elections.
Consequent to the meeting of Prime Minister Shri Narendra Modi and the Prime Minister of the United Kingdom H.E. Sir Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, the UK announced the relaunch of the India-UK Free Trade talks early next year. The UK and India will continue to negotiate towards a comprehensive and ambitious Free Trade Agreement.
The India-Australia Comprehensive Economic Cooperation Agreement (CECA) builds on the foundation laid by the India-Australia Economic Cooperation and Trade Agreement (ECTA), which came into force on 29th December, 2022.
The CECA envisage a deeper and comprehensive agreement and it initiates negotiations on the 5 ECTA agreed themes, namely Trade in Goods, Trade in Services, Rules of Origin (ROO)-Product Specific Rules Schedule, Digital Trade and Government Procurement.
In addition to the 5 ECTA agreed tracks, exploratory discussions are being held on 14 new areas in which either party has shown interest for inclusion in CECA such as Competition & Consumer Protection, MSME, Trade and Gender Equality, Labour, Environment, Space Co-operation, Innovation, Agriculture & Animal Husbandry Technology, Legal & Institutional, State Own Enterprises, Sports Co-operation, Traditional Knowledge, Intellectual Property and Critical Minerals. Total 10 formal rounds along with inter-sessional discussions have been held so far.
India – Sri Lanka Economic and Technology Cooperation Agreement (ETCA) negotiations are ongoing with the 14th round of negotiations concluded in July 2024. Except the track on goods dealing with specific lines pertaining to garments, negotiations on almost all chapters including services and Rules of Origin have been concluded.
India is negotiating a Trade Agreement with Peru covering trade in goods & services. The 6th and the 7th rounds of negotiations were held this year during 12th – 14th February, 2024 and 8th – 11th April, 2024 respectively. Both sides aimed at understanding priorities and concerns of each other, ensuring that the negotiations were rooted in mutual respect and benefit.
India-Dominican Republic Joint Economic and Trade Committee (JETCO): India and Dominican Republic signed a Protocol for establishment of Joint Economic and Trade Committee on 12th March, 2024. The establishment of JETCO will strengthen bilateral economic ties and shall provide a platform for discussions to facilitate trade and industry, mitigating challenges, exchange of information, knowledge and ideas.
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