January 15, 2025
India-UK FTA: Talks to resume in early February after elections paused progress; bilateral trade reached US$21.34 billion in 2023-24
India-EU FTA: Tenth round of negotiations is scheduled for March 10–14 in Brussels, with discussions on trade, investment, and geographical indications
India-EAEU FTA: The terms of reference for the pact with the Russia-led bloc are being finalised; trade surged due to increased crude oil imports
India-ASEAN FTA Review: The next meeting is scheduled for February in Indonesia to resolve outstanding issues in goods
India and the UK are targeting early February to restart negotiations for their Free Trade Agreement (FTA), with dates being finalised by the commerce ministry. Talks began in January 2022 but were paused due to election cycles. Bilateral trade between the two nations grew to US$21.34 billion in 2023-24, reflecting strong economic ties.
The tenth round of FTA discussions between India and the European Union (EU) is slated for March in Brussels. Negotiations cover a wide range of areas, including goods, services, investment protection, and government procurement. After an eight-year hiatus, talks resumed in June 2022, with bilateral trade surpassing US$200 billion in 2023. India exported US$75.18 billion in goods and US$31.13 billion in services to the EU, while imports from the EU stood at US$63.44 billion in goods and US$31.35 billion in services.
India is finalising the terms of reference for an FTA with the Eurasian Economic Union (EAEU), comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Russia remains India’s largest trading partner in the bloc, with bilateral trade dominated by crude oil imports. India’s exports to Russia totalled US$4.26 billion, while imports reached US$61.43 billion in 2023-24.
India and ASEAN are progressing in reviewing the goods trade agreement, with a meeting scheduled for February 10 in Indonesia. While negotiations are advancing, some challenges in goods remain unresolved.
These strategic agreements aim to bolster India’s market access, diversify its trade partnerships, and enhance its economic standing globally. India seeks to foster a robust trade ecosystem that drives long-term growth by addressing tariffs, investment protections, and trade barriers.
Source: Economic Times