India Expands Trade Horizons: New Agreements in Southeast Asia and Beyond

In a bid to expand its global trade footprint, India has initiated discussions for new free trade agreements (FTAs) with the Philippines and the Maldives, according to the Commerce Ministry. This strategic move outlines a preferential trade agreement with the Philippines and a comprehensive FTA with the Maldives.

The Ministry highlighted significant activities around these discussions, such as India's trade dynamics with the ASEAN bloc—where a trade agreement signed in 2009 is currently under review due to concerns about negative impacts on Indian exports. The ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee has already convened 11 times to tackle these issues.

Moreover, India continues discussions for upgrading the Comprehensive Economic Partnership Agreement (CEPA) with Korea and engages in fresh negotiations with the Gulf Cooperation Council (GCC), Canada, and others. As India signed FTAs with the UK and Oman last year, these agreements are expected to go into effect soon.