(source : ANI) ( Photo Credit : ani)
India is speeding up talks on free trade agreements (FTAs) with major global partners, as the latest updates from the commerce ministry show. These negotiations aim to boost trade, open new markets, and drive long-term economic growth for the country.
Right now, India is in active discussions with around a dozen nations, including the United States, European Union, Australia, Sri Lanka, and others. The goal? To strengthen bilateral trade ties and create more opportunities for Indian businesses and exporters.
US-India Trade Talks Heat Up
With the US, things are moving fast. Five rounds of negotiations have already happened for a Bilateral Trade Agreement. Assistant US Trade Representative Brendan Lynch arrives in India tonight to push the talks forward. He’ll meet with India’s chief negotiator, Rajesh Agrawal, who serves as Special Secretary in the Department of Commerce.
The next session kicks off on Tuesday, focusing on key issues like trade policies, market access, and non-trade concerns. Officials say discussions are ongoing at multiple levels—from diplomats and trade ministers to top negotiators. The previous round, planned for August 25-29, got postponed, but both sides are eager to keep the momentum going.
India-EU FTA: A Major Focus
One of the biggest deals in the works is the India-EU Free Trade Agreement. Negotiations are in full swing, covering everything from agriculture and digital trade to intellectual property rights and market access.
The 13th round wrapped up just last week, from September 8 to 12, with 75 technical sessions. EU Trade Commissioner and the Commissioner for Agriculture and Food visited India on September 11-12 for high-level meetings with Indian officials. The 14th round is set for Brussels from October 6-10—marking steady progress toward a comprehensive pact.
Expanding Ties with Australia and Beyond
India and Australia already have an Economic Cooperation and Trade Agreement (ECTA) in place, but they’re now aiming to upgrade it to a full-fledged FTA. They’ve completed 11 formal rounds, plus several inter-sessional meetings, with the latest in August.
Talks are also underway with other countries to seal bilateral trade agreements. Here’s a quick look:
- Sri Lanka: 14 rounds done, the most recent in July. These talks focus on boosting regional trade in South Asia.
- Oman: After five rounds, negotiations are complete, and chapters are finalized—heading toward a final deal soon.
- Peru: The ninth round is lined up for November.
- Chile: Fourth round planned for October.
- New Zealand: Early-stage discussions to explore a potential FTA.
- Korea: Working to upgrade the existing Comprehensive Economic Partnership Agreement (CEPA) after 11 rounds, with the last one in July.
These free trade agreement negotiations could reshape India’s place in global trade over the next decade. As deadlines approach in the coming months, watch out for big announcements that might supercharge the economy and create jobs.
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