Since 2014, the Government of India has joined and established key regional and global economic partnerships for the mutual benefit of all countries concerned. As an example of this strategy, the Look East policy has evolved to Act East, in which India is keen to engage more with countries in Southeast Asia and the Pacific Rim. India has dedicated a similar focus to the developed economies of Western Europe, North America, and the Far East, as well as to the developing economies of South America, Central Asia, and Africa. The Government has also been promoting trade cooperation through blocs such as the ASEAN, BIMSTEC, BRICS, and others.
The government is working on a revamped strategy for entering into free trade agreements (FTAs) to ensure that FTAs result in providing economic and strategic benefits. Further, the focus shall be on alliances with “peaceful” countries, especially those with which India does not have a significant trade deficit.
In November 2019, India announced its decision to pull out of the negotiations for Regional Comprehensive Economic Partnership (RCEP) between ten ASEAN member countries and six countries with whom ASEAN has free trade agreements – Australia, China, India, Japan, Korea, and New Zealand. The most significant obstacle has been proposals for further liberalization of trade in goods, which was not in India’s national interest, as it could have impeded India’s efforts to promote its manufacturing industry, under the Make in India programme. The Government of India is also reviewing the continuation of the FTA with ASEAN, in view of the rising trade deficit with the 10-country grouping.
For the full list of current Engagements / Negotiations and Trade Agreements already concluded, please refer to Trade Agreements
Free Trade Agreements FAQs
Details on bilateral and multilateral Joint Statements and Minutes of the Meetings
For the complete list of Bilateral / Multilateral Documents signed by India, visit Ministry of External Affairs – Bilateral/Multilateral Documents
The European Union (EU) has amended its Generalised System of Preferences (GSP) Scheme by introducing the concept of self-certification. For more on the EU GSP Scheme of Self Certification
India has been a WTO member since January 1, 1995, and a member of GATT since July 8, 1948, more on the ties at India and World Trade Organization (WTO)
The Sixth Trade Policy Review of India by the WTO was held in Geneva over June 2-4, 2015, as a part of the WTO’s Trade Policy Review Mechanism that aims at achieving greater transparency in and understanding of the trade policies and practices of WTO members. For more on Sixth Trade Policy Review of India