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As of 2022, India has preferential access, economic cooperation and FTA with more than 50 individual countries. The negotiations for the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates were completed in 88 days, which was the shortest time span for any free trade agreement signed by India.
The two largest goods traded by India are mineral fuels (refined / unrefined) and gold (finished gold ware / gold metal). In the year 2013–14, mineral fuels (HS code 27) were the largest traded item with 181.383 billion US$ worth imports and 64.685 billion US$ worth re-exports after refining.
A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other.
MMTC is one of the two highest foreign exchange earner for India (after petroleum refining companies). [2] It is the largest international trading company of India and the first public sector enterprise to be accorded the status of Five Star Export Houses by Government of India for long standing contribution to exports
The OED records the use of the phrase "free trade agreement" with reference to the Australian colonies as early as 1877. [9] After the WTO's World Trade Organization - which has been considered by some as a failure for not promoting trade talks, but a success by others for preventing trade wars - states increasingly started exploring options to conclude FTAs.
The India–United Kingdom free trade agreement is a proposed free trade agreement which began negotiations in January 2022. [1] When completed it will be the first comprehensive free trade agreement that India has signed with a European country; it is expected be the third trade agreement signed by Britain since leaving the European Union negotiated completely anew.
At the Second ASEAN-India Summit in 2003, the ASEAN-India Framework Agreement on Comprehensive Economic Cooperation was signed by the Leaders of ASEAN and India. The Framework Agreement laid a sound basis for the eventual establishment of an ASEAN-India Regional Trade and Investment Area (RTIA), which includes FTA in goods, services, and investment.
In January 2005, both parties formed a Joint Study Group to assess the viability of a free trade agreement between the two nations. During the following four years, the Joint Study Group studied the existing $7.1 billion trade between the two nations and negotiated a deal that paid respect to economic weaknesses and strengths of the markets in both nations.