India is actively negotiating Regional Trade Agreements (RTAs)/Free Trade Agreements (FTAs) with the following countries/regions :
Sl. | Countries/Regions | Name of the Agreement |
1 | UAE | India-UAE CEPA |
2 | Australia | India - Australia Comprehensive Economic Cooperation Agreement (CECA) |
3 | Canada | India – Canada Comprehensive Economic Partnership Agreement |
4 | Israel | India – Israel Free Trade Agreement (FTA) |
5 | United Kingdom | India-UK Enhanced Trade Partnership (ETP) |
6 | Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia | India-Eurasian Economic Union (EAEU) Free Trade Agreement (FTA) |
7 | European Union | India - EU Broad Based Trade and Investment Agreement (BTIA) |
8 | South Africa, Botswana, Lesotho, Swaziland and Namibia | India - SACU PTA |
India has signed 11 RTAs/FTAs with various countries/regions namely, Japan, South Korea, Mauritius, countries of ASEAN region and countries of South Asian Association for Regional Cooperation. India’s merchandise exports to these countries/regions have registered a growth of 20.75% in the last five years. As regards India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), as this has been implemented w.e.f. 01-04-2021, it is too early to calculate quantifiable benefits. The following table gives country/region wise merchandise export details:
RTA partner countries/Region wise India’s exports Values in US$ billion | |||
India RTA partner Countries/region | Names of RTAs | Export in FY 2016 | Export in FY 2021 |
ASEAN | India-ASEAN FTA India-Singapore CECA India-Malaysia CECA India-Thailand FTA - Early Harvest Scheme (EHS) | 25.13 | 31.49 |
Japan | India-Japan CEPA | 4.66 | 4.43 |
South Korea | India-South Korea CEPA | 3.52 | 4.68 |
SAFTA | Agreement on SAFTA India-Sri Lanka FTA India-Nepal Treaty of Trade India-Bhutan Agreement on Trade, Commerce and Transit | 18.60 | 22.08 |
Mauritius | India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) | It is too early to calculate quantifiable benefits for this RTA, as it was implemented only w.e.f. 10.04.2021. | |
Source: Directorate General of Commercial Intelligence and Statistics (DGCI&S) | |||
As per the FDI data maintained by the Department for Promotion of Industry and Internal Trade (DPIIT), the cumulative investment received from the above countries/regions in the last 5 years (between October 2016 and September 2021) is to the tune of US$ 89.46 Billion. However, it is not possible to ascertain if investment from a country has taken place due to signing of an RTA or any other reason(s).
Review of RTAs/FTAs with South Korea, ASEAN and Singapore is under consideration.
