New Delhi: Two free trade agreements (FTAs) have been finalised this year and at least two more such pacts could be signed by the end of this year, Commerce and Industry Minister Piyush Goyal said Saturday while on the official visit to the US.
“Touching upon the growth story that is unfolding in India, Shri Goyal mentioned that two FTAs have already been finalised this year, and hoped for the conclusion of at least two more FTAs by the end of this year,” an official statement said on Saturday.
Goyal was addressing the event hosted by US-India Strategic Partnership Forum in Los Angeles.
India earlier this year concluded FTAs with Australia and the UAE in a record time. The FTA talks with Canada and the UK are also underway with the agreement with the latter expected to be finalised by Diwali this year.
The FTA negotiations are part of India’s broader strategy to forge balanced trade agreements with key economies and revamp existing trade pacts to improve trade and investment.
In June this year, India and the European Union (EU) re-launched negotiations for the India-EU Free Trade Agreement. This would be one of the most significant FTAs for India as the EU is its second largest trading partner after the US. The India-EU merchandise trade registered an all-time high value of $116.36 billion in 2021-22 with a year-on growth of 43.5 per cent. India’s export to the EU jumped 57 per cent in FY 2021-22 to $65 billion.