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

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