Trade & investment.

CEPA - 90% of goods duty-free, concluded in 88 days

India-UAE CEPA is the fastest concluded trade agreement in Indian history. $83.6bn bilateral goods trade in FY24. Services and digital chapter expansion under negotiation.

Largest trading partner - $118bn goods trade in FY24

$118bn bilateral goods trade in FY24 making the US India's top trading partner. No comprehensive FTA exists - ongoing 'mini-deal' negotiations on select tariff lines. GSP benefits lapsed; India sought restoration.

$118bn trade - but 80% imports; FDI restricted

$118bn bilateral goods trade in FY24 but heavily skewed: India imports $101bn, exports $17bn. FDI from China is restricted following 2020 border conflict. Electronics and API dependence are strategic concerns.

India-ASEAN FTA - review and upgrade ongoing

India-ASEAN FTA in goods has been in force since 2010 but India has trade deficits with most ASEAN members. Review of the agreement to add services and investment chapters is ongoing. $130bn block trade.

FTA negotiations - 14 rounds completed

India-UK FTA negotiations began in January 2022. 14 rounds completed by mid-2026; key gaps remain on tariffs on spirits and automobiles (UK) and professional services mobility (India). Deal expected in 2026.

FTA relaunched 2022 - 10 years after collapse

India-EU FTA relaunched in June 2022 after decade-long pause. Also negotiating standalone investment protection and GI agreements. Carbon border adjustment mechanism (CBAM) is a live trade friction.

CEPA in force since 2011 - $21bn trade

India-Japan CEPA entered force in 2011. $21bn bilateral trade; Japan is the 8th largest investor in India (cumulative $40bn FDI). CEPA upgrade to include services and digital under discussion.

ECTA in force - CECA negotiations ongoing

India-Australia Economic Cooperation and Trade Agreement (ECTA) entered force in December 2022. A Comprehensive Economic Cooperation Agreement (CECA) is under negotiation covering services, investment, and government procurement.