1 week ago
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With India signing a bid of escaped commercialized agreements with developed countries, the authorities is moving connected an FTA utilisation program to assistance maximise benefits from these pacts, an authoritative said.
Since 2021, India has finalised escaped commercialized agreements (FTAs) with Mauritius, Australia, the UAE, Oman, New Zealand, the EFTA (European Free Trade Association), the European Union (EU), the U.K. and U.S.
These pacts screen 38 countries whose combined planetary imports basal astatine astir $12 trillion.
The main Indian sectors that person received duty-free marketplace entree successful these FTA spouse countries see agriculture, textiles and apparel, gems and jewellery, leather and leather goods, engineering, electronics, chemicals, and pharmaceuticals.
Commerce and Industry Minister Piyush Goyal has held a bid of meetings with manufacture associations, businesses and export promotion councils (EPCs) connected ways to summation utilisation of these agreements. He suggested that businesses leverage these pacts to boost exports and home manufacturing.
The authoritative added that the Minister connected Monday (May 4, 2026) held a reappraisal gathering with cardinal officers and main negotiators to asses the advancement of India's escaped commercialized acts.
Another gathering connected Thursday (May 7, 2026), was held connected preparing a roadmap for obtaining sanitary and phytosanitary (related to plants and animals) approvals for Indian cultivation and fisheries products crossed planetary markets.
The Commerce Ministry has progressive Indian missions overseas successful the exercise. Besides, each the enactment ministries are portion of the process, the authoritative said.
The relation of Indian missions includes ensuring FTA consciousness successful importing country, marketplace quality connected caller opportunities, and expediting solution of non-tariff barriers.
Similarly, the enactment ministries' relation includes ensuring capable production, alignment with planetary standards, and absorption connected commercialized facilitation.
The full workout is important arsenic the state is looking astatine expanding goods and services exports to $2 trillion successful the coming years (one trillion each).
The country's goods and services exports roseate 4.6% to an all-time precocious of $863.11 cardinal during 2025-26, from $825.26 cardinal successful 2024-25, contempt planetary economical uncertainties.
Merchandise exports grew 0.93% to $441.78 cardinal successful the past fiscal twelvemonth from $437.70 cardinal successful 2024-25. Services exports excessively surged to an all-time precocious of $421.32 cardinal successful 2025-26, compared to $387.55 cardinal a twelvemonth ago, signaling a maturation of 8.71%.
Shishir Priyadarshi, President, CRF, and erstwhile Director, WTO, said Indian businesses indispensable halt viewing FTAs simply arsenic tariff-cutting arrangements arsenic their existent worth lies successful helping firms integrate into planetary worth chains, diversify proviso chains, and presumption themselves arsenic trusted partners successful an progressively fragmented planetary economy.
"The FTAs should beryllium seen arsenic an accidental not conscionable to export more, but to export smarter - done branded products, precocious manufacturing, processed goods, and higher-value services that fortify India's semipermanent concern competitiveness globally," helium said.
