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What Do Iceland, UAE, and Australia Have in Common? India’s New Trade Strategy


Updated: July 10, 2025 10:00

Union Commerce Minister Piyush Goyal has announced a wave of Free Trade Agreements (FTAs) that unlock access to noncompeting global markets, marking a strategic leap for India’s agriculture and export sectors.
 
Key highlights from the announcement:
  • India has signed FTAs with developed economies including Australia, UAE, UK, Switzerland, Norway, Iceland, and Liechtenstein
  • These agreements reduce nontariff barriers and offer dutyfree access for Indian goods, especially in agriculture, fisheries, and animal husbandry
  • Despite global economic headwinds, India’s agri exports have reached ₹4 lakh crore, with FTAs expected to push this further
  • The European Free Trade Association (EFTA) pact signed in March 2024 is set to be implemented this year
  • The UK trade pact, announced in May, is nearing finalization
  • Goyal emphasized that these FTAs are designed to protect India’s interests while expanding twoway trade and introducing new exporters to global markets
  • The government is also focused on supply chain resilience, especially in fertilizers, amid global disruptions
Strategic impact:
  • Opens new markets that do not directly compete with Indian products, ensuring smoother trade flows
  • Strengthens India’s position as a reliable global supplier across sectors
  • Supports Prime Minister Modi’s longterm vision for agricultural modernization and exportled growth
Sources: Hindustan Times Pune, Economic Times, Times of India, CNBC TV18, LiveMint

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