Accelerating Free Trade: India Fast-Tracks Deals with US and EU
India is actively pursuing free trade agreements with the US and EU, aiming for rapid completion to bolster exports and achieve a target of USD 2 trillion by 2030. The Finance Minister emphasizes on innovation and market expansion as India records historic export growth amid global uncertainties.
- Country:
- India
In a significant development, Finance Minister Nirmala Sitharaman announced that India's free trade agreement negotiations with the US and EU are advancing swiftly, with expectations of finalizing the deals soon. This strategic move is part of India's ambitious plan to boost exports to USD 2 trillion by 2030.
The country has already sealed agreements with the UAE, Australia, and the EFTA bloc, and is near completion of negotiations with the UK. Despite global trade challenges, India's exports reached a record USD 825 billion in FY25, showcasing resilience among exporters.
Highlighting future strides, Sitharaman talked about the Export Promotion Mission and Bharat Trade Net, a digital platform for trade, alongside a proposed National Framework for Global Capability Centres to support service growth. Meanwhile, Financial Services Secretary M Nagaraju highlighted India's robust financial systems and ongoing efforts to integrate exports into global value chains.
(With inputs from agencies.)
Google News