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:
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India has signed FTAs with developed economies including Australia, UAE, UK, Switzerland, Norway, Iceland, and Liechtenstein
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These agreements reduce nontariff barriers and offer dutyfree access for Indian goods, especially in agriculture, fisheries, and animal husbandry
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Despite global economic headwinds, India’s agri exports have reached ₹4 lakh crore, with FTAs expected to push this further
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The European Free Trade Association (EFTA) pact signed in March 2024 is set to be implemented this year
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The UK trade pact, announced in May, is nearing finalization
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Goyal emphasized that these FTAs are designed to protect India’s interests while expanding twoway trade and introducing new exporters to global markets
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The government is also focused on supply chain resilience, especially in fertilizers, amid global disruptions
Strategic impact:
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Opens new markets that do not directly compete with Indian products, ensuring smoother trade flows
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Strengthens India’s position as a reliable global supplier across sectors
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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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