(MENAFN- KNN India)
New Delhi, Jan 16 (KNN) India is set to intensify its trade diplomacy efforts with several major economic partners in the coming months, marking a significant push to expand its global trade footprint.
The nation is preparing to resume Free Trade Agreement (FTA) negotiations with the United Kingdom in early February, following a pause due to electoral cycles.
The bilateral trade between India and the UK has shown promising growth, reaching USD 21.34 billion in 2023-24, underscoring the potential benefits of a comprehensive trade agreement.
In a parallel development, India and the European Union are scheduled to conduct their tenth round of FTA discussions in March in Brussels.
The negotiations, which resumed in June 2022 after an eight-year interruption, have gained momentum as bilateral trade exceeded USD 200 billion in 2023.
The trade balance shows substantial flows in both directions, with India exporting USD 75.18 billion in goods and USD 31.13 billion in services to the EU, while importing USD 63.44 billion in goods and USD 31.35 billion in services.
India is also expanding its trade horizons eastward by finalising the terms of reference for an FTA with the Eurasian Economic Union (EAEU).
This five-nation bloc, which includes Russia as India's primary trading partner, represents a strategic opportunity for market diversification.
The trade relationship with Russia has been particularly notable, with India's exports reaching USD 4.26 billion and imports, dominated by crude oil, amounting to USD 61.43 billion in 2023-24.
Additionally, India continues to strengthen its ties with Southeast Asia through ongoing discussions with ASEAN.
A crucial meeting to review the existing goods trade agreement is scheduled for February 10 in Indonesia, though some challenges in the goods sector remain to be addressed.
These wide-ranging negotiations reflect India's comprehensive strategy to enhance its global economic position through improved market access, diversified trade partnerships, and the removal of trade barriers, ultimately aiming to create a robust trade ecosystem that supports sustainable economic growth.
(KNN Bureau)
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