India Plans to Launch Multiple Free Trade Agreements in 2024
India to roll out 6–7 FTAs next year as trade push accelerates: Piyush Goyal
Image: The Economic Times
India is set to implement three to four major trade agreements in 2024, with an additional two to three FTAs expected to be operational in the next six months, according to Commerce Minister Piyush Goyal. These agreements aim to enhance trade, attract investments, and support India's transition to innovation-led growth.
- 01India has signed nine FTAs in the last three to three-and-a-half years, covering 38 developed economies.
- 02The India-Oman FTA took effect on June 1, 2023, while agreements with the EU and UK are pending implementation.
- 03Goyal emphasized the need for long-term investment to support India's shift towards emerging technologies.
- 04India aims to maintain its status as the world's fastest-growing economy for over two decades.
- 05The government has managed to keep fertilizer prices stable for farmers despite global increases.
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India is poised to implement three to four significant trade agreements in 2024, alongside two to three additional free trade agreements (FTAs) expected to be operational within the next six months, as stated by Commerce and Industry Minister Piyush Goyal. During the Citi India Conference 2026, Goyal highlighted that all nine recently concluded FTAs are anticipated to be operational within the next nine to ten months. He noted that the India-Oman FTA commenced on June 1, 2023, while ongoing negotiations with the United States and the European Union are nearing completion. Goyal emphasized that these FTAs are crucial for enhancing market access, facilitating trade, and attracting investments, particularly in innovation-led sectors. He urged investors to commit long-term capital to support India's transition towards advanced technologies. Furthermore, Goyal reaffirmed India's resilience in managing global crises, including energy supply disruptions, while ensuring stable prices for essential commodities like fuel and fertilizers.
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The implementation of these FTAs is expected to enhance trade opportunities, attract investments, and stabilize prices for essential goods in India.
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