Free Trade Agreement: Considering India’s growth rate and the size of the Indian market, many countries are interested in entering into a Free Trade Agreement (FTA) with India. Currently, India is about to start FTA negotiations with countries like Peru and Chile. A senior official of the Ministry of Commerce and Industry said that many countries like Bangladesh and Sri Lanka have expressed interest in doing FTA with India.
Considering India’s growth rate and the size of the Indian market, many countries are interested in entering into Free Trade Agreements (FTAs) with India. Currently, India is about to start FTA negotiations with countries like Peru and Chile.
A senior official of the Ministry of Commerce and Industry said that many countries like Bangladesh and Sri Lanka have expressed interest in signing a free trade agreement with India, but South American countries like Peru and Chile are going to start soon considering the country’s strategic needs. has been
Both countries have important minerals needed to make semiconductors from electric vehicle batteries. Availability of critical minerals will help transform the country’s energy mix. Generally, under an FTA, both countries eliminate or substantially reduce tariffs on imports and exports of goods and services. Due to this, the trade between the two countries has been accelerated.
India’s FTA negotiations with Britain are in final stages these days and an FTA with Britain is expected to be in place by the end of this year. India’s FTA negotiations with Canada and EU are also ongoing.
India is in talks to expand its Free Trade Agreement with Australia. The FTA with Australia was implemented from December last year. The FTA with the UAE has been in force since May last year.