Context
India is rapidly concluding multiple Free Trade Agreements (FTAs) (U.K., EFTA countries, upcoming EU, Oman, New Zealand), which will give India preferential access to 38 developed nations, covering a major share of global trade and GDP.
Key Points
- FTA Expansion
• EFTA (Switzerland, Norway, Iceland, Liechtenstein) already in force
• U.K. FTA likely operational from May 1
• Oman FTA expected from June 1
• EU FTA likely early next year
• Talks ongoing with New Zealand - 38 Developed Countries Access
• Combined coverage → ~2/3rd of global trade & GDP
• India gains preferential market access - Meaning of Preferential Access
• Lower tariffs compared to competitors
• Better market entry + export competitiveness - India–U.S. Trade Issue
• Trade deal finalized earlier but lost competitive edge due to U.S. court ruling
• India now renegotiating to regain advantage
