India launches trade negotiations with multiple countries

The Economic Times of India reported on November 29th that the latest information from the Indian Ministry of Commerce shows that the negotiations for the India US framework trade agreement have entered the final stage. Currently, India is negotiating free trade agreements with dozens of countries and regions. Indian Prime Minister Modi, who visited South Africa this week, said that India has restarted free trade negotiations with Canada, and negotiations with the European Union, Peru, Oman, Bahrain, Qatar, and the Gulf Cooperation Council have also made progress.

Indian Federal Minister of Commerce and Industry Piyush Goyal stated on November 28th that India is actively promoting trade agreements with dozens of countries. He stated that India and Canada are considering reaching a comprehensive economic partnership agreement, and dialogue around the agreement is expected to begin next week. In addition, India is also in trade negotiations with Oman, and Bahrain and Qatar also hope to join.

Earlier this month, India concluded the fourth round of negotiations for a free trade agreement with New Zealand. Currently, India has reached trade agreements with Australia, the United Arab Emirates, Mauritius, the United Kingdom, and the European Free Trade Association. Among them, the India UK Comprehensive Economic and Trade Agreement provides duty-free access for 99% of India's exports to the UK.

According to a report by India's "CNBCTV18" website on November 29th, these free trade agreements "reflect India's self-reliance and the need to find trustworthy partners" in the current era where trade relations are increasingly weaponized by some countries. South Africa, Southern African countries, and the Southern Common Market (including Brazil, Argentina, Uruguay, Paraguay, and Bolivia) have expressed their willingness to strengthen trade cooperation with India.

On November 29th, the Indian Observer's Voice website reported that India is also reassessing its trade agreements with ASEAN and South Korea to achieve a more balanced trade policy. In addition, India is also cooperating with the Eurasian Economic Union and has recently initiated negotiations with Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. At the same time, India expects trade negotiations with Israel to begin soon. Another significant development is that Canada and India will resume discussions on the Comprehensive Economic Partnership Agreement next week, with the goal of increasing bilateral trade to $50 billion by 2030. This dialogue was previously affected by diplomatic tensions between the Inca countries.

The report states that through cooperation with numerous countries and regions, India aims to build a strong trade network that can withstand external pressures and promote sustainable economic growth.