Status of PTAs/RTAs/FTAs
The Department of Commerce said framework is being drafted for a Preferential Trade Agreement (PTA) with Iran, as part of internationalizing Indian trade.
India is also negotiating a TEPA (Trade and Economic Partnership Agreement) with European FTA countries. A stocktaking meeting was held on 10th June, 2016.
Joint Study Group (JSG) is exploring possibility of entering into PTA/FTA with Peru, according to a DOC release on Nov 10, 2016.
India-Sri Lanka FTA is already in place but negotiations are underway for the proposed India-Sri Lanka Economic & Technology Cooperation Agreement.
India is also reviewing its FTA with the Association of South East Asian Nations.
Status of Regional Trading Agreements/Free Trade Agreement/Preferential Trade Agreements (RTAs/FTAs/PTAs)
• Trade Agreement between India and Bangladesh signed on June, 2015. Currently, it is going through various negotiation processes.
• The Cabinet in its meeting held on 20th April, 2016 approved proposal of expansion of India-Chile PTA. An agreement on the expansion of India-Chile PTA was signed between India and Chile in a meeting held between Commerce Secretary and Ambassador, Embassy of Chile on 6th September, 2016.
• Agreement between the Government of the Republic of India and the Government of the Republic of Croatia on Economic Cooperation on 10th August, 2016.
• Exchange of tariff concessions under APTA on 12th September, 2016.
• Signing of Memorandum of Understanding (MOU) between the Ministry of Commerce and Industry of the Republic of India and the Ministry of Economic Development of the Russian Federation on expansion of Bilateral Trade and Economic Cooperation on 15th October, 2016.
• Ongoing negotiations:
o Expansion of India-MERCOSUR PTA. MERCOSUR is a trading bloc in Latin America comprising Brazil, Argentina, Uruguay and Paraguay
o Mid-term review of India-BLUE (Belgium Luxembourg Economic Union) JEC (Joint Economic Commission) was held on 23rd August, 2016.
o Capacity Building Initiative for Trade Development (CITD) Project: The EU and the Department of Commerce have initiated a project named “Capacity Building Initiative for Trade Development (CITD) which is aimed at enhancing capacity of India’s trade related institutions and enforcement system to meet international standards and requirements. CITD meeting was held in April 2016.
o 3rd session of India-Egypt Joint Trade & Economic Committee meeting was held on 9th – 10th March, 2016 in Cairo, Egypt.
o MoU signed on November, 2014 with Netherlands for establishment of JTIC.
o India-EU Broad-based Trade and Investment Agreement (BTIA)
o Three stock taking meetings held between Chief Negotiators of India and EU on 18.01.2016, 22.02.2016 and 15.07.2016.
o RCEP (Regional Comprehensive Economic Partnership) – under active
negotiation.
o Australia and New Zealand CEPA – India negotiating with both countries.
o USA and Canada – India-Canada CEPA under negotiation, stock taking meeting held in April, 2016. Annual Ministerial Dialogue held in September, 2016. US Trade Policy Forum (TPF) meeting held in New Delhi on 19th -20th October, 2016. Both sides agreed that TPF has greatly strengthened US-India Bilateral Trade.
o India negotiating FTAs with Israel and with the six countries, comprising Gulf Cooperation Council. fii-news.com
