Recently, Maldivian Minister for Economic Development and Trade, Mohamed Saeed, hinted at India's interest in initiating discussions for an FTA between the two nations.

In January 2022, India and UK launched negotiations for a FTA, which covers 26 chapters or policy areas like intellectual property, rules of origin apart from tariff reductions and market access. Along with the FTA both sides also intend to ink a Bilateral Investment Treaty(BIT).

India's exports to Russia totaled USD 1.14 billion during FY23, while imports stood significantly higher at USD 46.2 billion, largely driven by increased crude oil imports.  In the fiscal year 2022-23, trade volumes stood at USD 134.26 million with Armenia, USD 111.81 million with Belarus, USD 641.62 million with Kazakhstan, and USD 56.56 million with Kyrgyzstan.

India sets ambitious goals of securing $100 billion in investments over 15 years from EFTA countries, with a focus on generating 1 million jobs. Union Minister Piyush Goyal echoes PM Modi's sentiments, expressing confidence in the mutually beneficial nature of the agreement and pledging support to exceed set targets for industry and businesses.

"The Trade and Economic Partnership Agreement (TEPA) between India and EFTA covers wide-ranging matters such as trade in goods and services, rules of origin, intellectual property rights (IPR), investment promotion, trade facilitation, and sustainable development," a source elaborated.

Bilateral trade between India and the UK has been on an upward trajectory, reaching $20.36 billion in fiscal year 2023 from $17.5 billion in fiscal year 2022. Both nations are committed to fostering a comprehensive and mutually beneficial trade relationship.

As the upcoming WTO Ministerial Conference 13 (MC13) approaches, scheduled to take place in Abu Dhabi, UAE, next week, Shri Goyal expressed concerns over attempts to include non-trade issues within the WTO framework. He reiterated India's commitment to uphold the guiding principles of the WTO and advocated for necessary reforms to strengthen the organization. Stressing the importance of WTO in maintaining a fair and robust multilateral trading system, Goyal affirmed India's historical role in the WTO Ministerial Conferences.

"Everyone wants to do an FTA with India. The main reason for this is India's high import duties, which make it difficult for these countries to access India's large and rapidly growing market," the report said. It added that these three pacts with UK, Oman, and the European Free Trade Association (EFTA) also reflect a shift in India's focus from east to west in terms of preferential trade partnerships.

The imminent signing of the India-Oman Comprehensive Economic Partnership Agreement (CEPA) is strategically timed, with efforts underway to conclude the agreement prior to India's forthcoming general elections, which are expected to be announced imminently.

According to a UK government official, "The deal can be signed in the next three weeks. There are economic and political ambitions on both sides. India needs to open up more as it is a high tariff country and the UK already is very open. We are not in a hurry because ultimately the deal has to accrue benefits for both the economies."