New Delhi [India], December 26 : India is enhancing trade through FTA agreements and leveraging them to ensure certainty in market access, non-discriminatory treatment and a transparent and objective regulatory environment for services exports.
Trade agreements and forays in the new markets have contributed to robust export growth in 2024, according to Year End Review of the Department of Commerce.
India has bilateral trade agreements, including Trade in Services, with Singapore, South Korea, Japan, Malaysia, Mauritius, UAE, Australia and an FTA in services and investment with the Association of South East Asian Nations (ASEAN). The India- EFTA Trade and Economic Partnership Agreement (TEPA) was signed in March 2024.
India is engaged in FTA negotiations including in Trade in Services with the UK, the EU, Oman, Peru, and Sri Lanka. India is also engaged in negotiations on a Comprehensive Economic Cooperation Agreement (CECA) with Australia building upon the market access commitments in Trade in Services under India- Australia Economic Cooperation Trade Agreement (ECTA).
"India is leveraging its FTA engagements to achieve these goals by ensuring certainty in market access, non-discriminatory treatment and a transparent and objective regulatory environment, for our Services exports," an official release said.
Apart from the above trade agreements, India has initiated various other bilateral and multilateral trade agreements in goods and services with various countries and associations.
Discussions were held on concluding the ASEAN India Trade in Goods Agreement (AITIGA) Review negotiations by 2025.
India's total exports during April-October 2024 exhibited a positive growth of 7.3 percent. Total exports (merchandise and services) during April-October 2024 stood at USD 468.5 billion as compared to USD 436.5 billion during April-October 2023.
Total imports (merchandise and services) during April-October 2024 stood at USD 531.6 billion as compared to USD 496.5 billion in April-October 2023, registering a growth of 7.1 percent.
Agriculture,engineering,electronics,drugs and pharmaceuticals were among sectors that showed healthy growth in exports.
India has strengthened its leadership in traditional exports with labour-intensive sectors while expanding into new areas. During April-October 2024 the agricultural and allied products exports were USD 27.84 billion as compared to USD 26.90 billion in April-October 2023.
The release said exports of spices have risen from USD 2.4 billion in 2013-14 to USD 4.2 billion in 2023-24, for April-October 2024 they were USD 2.47 billion as compared to April-October 2023 when they are USD 2.24 billion, registering a growth of 10 per cent.
Basmati rice exports increased from USD 4.8 billion to USD 5.8 billion, and non-basmati rice exports from USD 2.9 billion to USD 4.6 billion.
In April-October 2024, the exports of basmati rice were USD 3.38 billion as compared to April-October 2023 when they were USD 2.96 billion, registering a growth of 14.28 per cent.
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