India's FTAs: Boosting Global Competitiveness and Export Prospects

India's recent Free Trade Agreements (FTAs) are fortifying its competitive edge in international markets, particularly against economic heavyweights such as the United States, China, and Brazil, according to a Commerce Ministry official. India's processed food sector is set to outpace the USA, China, and Thailand, becoming more competitive in bakery items than those nations and Vietnam, says official data.

The nation is predicted to gain a similar competitive edge over Brazil with fresh grapes, joining the ranks of top exporters like Egypt and South Africa. For preserved fruits, nuts, and vegetables, India anticipates competitiveness against Turkey, Pakistan, South Africa, and China. Fresh and chilled vegetables will see India outshine the US, Brazil, Thailand, and China. Sauces and prepared sauces are no different, positioning India advantageously against the USA, Japan, China, Thailand, and Malaysia.

The Commerce Ministry reported a record $825 billion in Indian goods and services exports for 2024-25, fueled by an unprecedented $386.5 billion in service sector exports despite global trade challenges. The government aims for $1 billion in AlcoBev industry exports by 2030, and the UK FTA is expected to double Indo-UK trade, generating millions of jobs. This sets a precedent for similar FTAs with the USA and the EU, paving the way for expansive economic opportunities.

(With inputs from agencies.)