New Delhi, December 26 (ANI): India’s trade landscape has seen significant expansion in 2024, supported by several Free Trade Agreements (FTAs) and strengthened market access. According to the Year-End Review by the Department of Commerce, India’s exports in both goods and services have exhibited robust growth this year.
India’s trade agreements cover several key bilateral partnerships, including those with Singapore, South Korea, Japan, Malaysia, Mauritius, UAE, Australia, and an FTA with the Association of South East Asian Nations (ASEAN). The India-EFTA Trade and Economic Partnership Agreement (TEPA) was signed in March 2024, further expanding India’s trade network. India is also negotiating additional agreements, including a Trade in Services deal with the UK, EU, Oman, Peru, and Sri Lanka, as well as a Comprehensive Economic Cooperation Agreement (CECA) with Australia.
The Department of Commerce emphasized that these agreements aim to ensure certainty in market access, non-discriminatory treatment, and a transparent regulatory environment for India’s services exports. As a result, India has continued to diversify its export portfolio, including sectors such as agriculture, engineering, electronics, drugs, and pharmaceuticals.
India’s total exports for the period of April-October 2024 saw a 7.3% growth, reaching USD 468.5 billion compared to USD 436.5 billion during the same period in 2023. Total imports during this period stood at USD 531.6 billion, reflecting a 7.1% growth over the previous year.
India’s agricultural exports also showed significant gains. For instance, the export of agricultural and allied products grew from USD 26.90 billion in 2023 to USD 27.84 billion in 2024. Exports of spices have increased from USD 2.4 billion in 2013-14 to USD 4.2 billion in 2023-24, with a 10% rise in the April-October 2024 period compared to the same months last year. Similarly, basmati rice exports saw an increase, from USD 4.8 billion to USD 5.8 billion, with a 14.28% rise in April-October 2024.
India’s continued focus on expanding its trade agreements and enhancing market access is seen as a key strategy for maintaining growth in its export sectors.
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