India Bilateral Free Trade Agreements
India has been actively seeking bilateral free trade agreements (FTAs) with various countries across the globe. Such agreements aim to enhance trade and investment opportunities between the countries involved and promote economic growth.
Bilateral free trade agreements allow countries to reduce or eliminate tariffs and other trade barriers on goods and services traded between them. This creates a more conducive environment for businesses to operate and encourages them to invest in each other’s markets. Bilateral FTAs also provide a framework for cooperation in areas such as intellectual property, standards, and sanitary and phyto-sanitary measures.
India has already signed FTAs with countries such as Japan, South Korea, and Singapore, among others. However, negotiations with other countries are still ongoing. Some of the countries that India is currently looking to sign FTAs with include Australia, Canada, the European Union, and the United Kingdom.
Australia is a significant market for India, with bilateral trade expected to hit $15 billion by 2025. The two countries have been in talks since 2011, with negotiations shifting to the bilateral investment treaty (BIT) in 2018. A BIT will provide more protection and certainty to investors from both countries.
India and Canada have also been negotiating an FTA since 2010. However, progress has been slow due to differences over issues such as intellectual property and agriculture. The two countries have since signed a Comprehensive Economic Partnership Agreement (CEPA) in 2009, which covers trade in goods and services, investment, and intellectual property rights.
India has also been negotiating an FTA with the European Union (EU) since 2007. The EU is India’s largest trading partner, with trade hitting $115 billion in 2019. An FTA between the two would create a more level playing field for businesses and facilitate greater market access.
Brexit has also presented an opportunity for India to strengthen its trade ties with the UK. The two countries have been discussing a possible FTA since 2018. A successful FTA between India and the UK would provide a significant boost to trade and investment between the two countries.
In conclusion, India bilateral free trade agreements are aimed at promoting trade and investment between the countries involved. While India has already signed several FTAs with different countries, negotiations with others are still ongoing. These agreements will provide a framework for greater cooperation and facilitate more market access opportunities, creating a win-win situation for both parties.
