India has been proactively pursuing Free Trade Agreements (FTAs) with various countries and regional blocs around the world. FTAs are agreements between two or more countries that aim to eliminate tariffs and other barriers to trade, thereby facilitating the free flow of goods and services.
Over the years, India has signed several FTAs with different countries and regional groups. Here`s a list of countries with which India currently has an FTA:
1. SAARC (South Asian Association for Regional Cooperation): India has a free trade agreement with all SAARC countries, including Bangladesh, Bhutan, Nepal, Maldives, Pakistan, and Sri Lanka.
2. ASEAN (Association of Southeast Asian Nations): India has signed a free trade agreement with the ten-member ASEAN bloc, comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The India-ASEAN FTA includes trade in goods, services, and investments.
3. Japan: India and Japan have signed a Comprehensive Economic Partnership Agreement (CEPA) covering trade in goods, services, and investments. The India-Japan CEPA was signed in 2011 and came into force in 2012.
4. South Korea: India and South Korea have signed a Comprehensive Economic Partnership Agreement (CEPA) covering trade in goods, services, and investments. The India-South Korea CEPA was signed in 2009 and came into force in 2010.
5. Singapore: India and Singapore have signed a Comprehensive Economic Cooperation Agreement (CECA) covering trade in goods, services, and investments. The India-Singapore CECA was signed in 2005 and came into force in 2006.
6. Nepal: India and Nepal have signed a bilateral free trade agreement covering trade in goods. The India-Nepal FTA was signed in 2009 and came into force in 2010.
7. Malaysia: India and Malaysia have signed a Comprehensive Economic Cooperation Agreement (CECA) covering trade in goods, services, and investments. The India-Malaysia CECA was signed in 2011 and came into force in 2012.
8. Chile: India and Chile have signed a bilateral free trade agreement covering trade in goods. The India-Chile FTA was signed in 2006 and came into force in 2007.
9. Peru: India and Peru have signed a bilateral free trade agreement covering trade in goods. The India-Peru FTA was signed in 2011 and came into force in 2017.
Apart from these countries, India has been in talks with several others to negotiate and sign FTAs in the future. These include the European Union, Canada, Australia, Israel, and the Gulf Cooperation Council.
In conclusion, India`s focus on FTAs with different countries is a sign of its growing global economic engagement. These agreements not only help India expand its trade relations worldwide but also promote economic growth and development in the region and beyond. As India continues to explore new avenues for trade and investment, the future looks promising for the country`s economic prospects.