India has been expanding its trade relations with various countries across the world, with the aim of boosting its economy. One of the ways it does this is through free trade agreements (FTAs) with other countries. FTAs promote trade liberalization, reduce tariffs, and facilitate the exchange of goods and services between countries. In this article, we’ll take a look at India’s free trade agreement countries.

The first FTA that India signed was with Sri Lanka in 2000. Since then, India has gone on to sign FTAs with a number of countries, including Singapore, South Korea, Japan, and the Association of Southeast Asian Nations (ASEAN), to name a few. Here’s a closer look at some of these countries and the impact of their FTAs with India.

Singapore: India signed an FTA with Singapore in 2005. This agreement has helped to boost trade between the two countries, which stood at $18.4 billion in 2019-2020. The FTA has reduced tariffs on a number of items, including electronics, chemicals, and pharmaceuticals, making it easier for businesses in both countries to trade with each other.

South Korea: India signed an FTA with South Korea in 2009. The agreement has been beneficial for both countries, with bilateral trade increasing from $15.6 billion in 2010 to $21.5 billion in 2019-2020. The FTA has reduced tariffs on over 90% of all items traded between the two countries, making it easier for businesses to trade.

Japan: India signed an FTA with Japan in 2011. This agreement has helped to boost trade between the two countries, which stood at $17.6 billion in 2019-2020. The FTA has reduced tariffs on a number of items, including chemicals, machinery, and textiles, making it easier for businesses in both countries to trade with each other.

ASEAN: India signed an FTA with ASEAN in 2009. The agreement has helped to boost trade between India and ASEAN countries, which stood at $97 billion in 2019-2020. The FTA has reduced tariffs on over 4,000 items traded between the two regions, making it easier for businesses to trade.

In conclusion, India’s free trade agreements with various countries have helped to boost trade and promote economic growth. Through these FTAs, India has been able to reduce tariffs and facilitate the exchange of goods and services with other countries. As India continues to expand its trade relations with other countries, it is likely that we will see more FTAs being signed in the future.