free-trade agreement (FTA) is a pact between countries to make trade easier by reducing tariffs and other barriers on imports from each other. Globally, over 350 FTAs are currently in force.
Over the past four years, India has signed FTAS with Mauritius, the UAE, Australia, and the European Free Trade Association, or EFTA, countries (Switzerland, Norway, Iceland, and Liechtenstein). Agreements with the UK and Oman are nearly finalised.
India has a total of 14 trade agreements with 25 countries and is negotiating new deals with over 50 countries, including the European Union (EU) and the US-led Indo-Pacific Economic Framework.
Additionally, India has six smaller trade agreements with 26 other countries. Soon, India will have FTAs with all major economies except China. However, India and China do have limited tariff concessions on about 25 per cent of tariff lines under the Asia-Pacific Trade Agreement.
From financial year (FY) 2019 to FY2024, India's exports to its 21 FTA partners grew by 14.48 per cent, from $107.20 billion to $122.72 billion. Imports increased by 37.97 per cent, from $136.20 billion to $187.92 billion. These FTA partners include six South Asian Free Trade Area (Safta) countries (including Sri Lanka), 10 Association of Southeast Asian Nations (Asean) countries, and Japan, South Korea, the UAE, Mauritius, and Australia.
هذه القصة مأخوذة من طبعة May 29, 2024 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 29, 2024 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
India on top of luxury firms' 'watch' list
Country's appetite for premium watches grows as China sees a downturn
Brand Maggi stronger than ever as Nestlé India gears up for new leader
Nothing has presented \"two minutes\" as tastefully as Maggi since its entry into India over four decades ago.
BURNING ISSUE
Minimum support price has been a bone of contention between the farmers in Punjab and the state and Centre
Missing funds went to legitimate purpose, says Byju's founder
The founder of Byju's, a once high-flying Indian education company that defaulted on its US debts, denied that he orchestrated a scheme to fraudulently transfer $533 million away from lenders.
97% rail electrification done
Indian Railways has completed electrification of 96.68 per cent of its broad gauge network, as it moved swiftly to become fully-electrified by 2024-25. Six more states now have 100 per cent electrified networks, taking the number of such states to 20, according to the national transporter's data.
Fortified rice supply, border roads get ₹21K cr Cabinet push
2,280 km roads to be built in Rajasthan, Punjab border areas
More upside in Zomato's stock, but competition also rising
The filing of Swiggy's DRHP has led to direct comparisons with Zomato, which is a direct competitor in food delivery and the fast-growing quick-commerce segment where Blinkit (owned by Zomato) faces off against Instamart (and Zepto).
No irregularities found in Sebi probe: Zee panel
The Independent Investigation Committee (IIC), set up by the board of Zee Entertainment Enterprises Limited, said that \"no material irregularities\" were found against the company during the investigation by the securities regulator, it said in a release on Wednesday.
India set to join FTSE Russell bond index next year
South Korean bonds to be added to FTSE World Government Bond Index
Mkts erase gains amid sustained FPI selling
India's benchmark indices made positive strides for the second consecutive session on Wednesday, but sustained selling by overseas investors saw them erase their gains.