Trade & investment.

United States

NORTH AMERICA

DEEP

Largest trading partner — $118bn goods trade in FY24

$118bn bilateral goods trade in FY24 makes the US India's top trading partner. No comprehensive FTA exists — ongoing 'mini-deal' negotiations on select tariff lines. GSP benefits lapsed; India has sought restoration. IT services, pharmaceuticals, and gems & jewellery are India's top exports. US tariffs under Section 301 and 232 remain trade frictions.

China

EAST ASIA

DEEP

$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 the 2020 Galwan border conflict. Electronics, API (active pharmaceutical ingredients), and solar panel components drive the structural deficit. India is working to reduce dependence through domestic manufacturing incentives.

United Arab Emirates

WEST ASIA

DEEP

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

India-UAE CEPA is the fastest concluded comprehensive trade agreement in Indian history. $83.6bn bilateral goods trade in FY24. 90% of tariff lines duty-free. UAE is India's second-largest export destination. Services and digital chapter expansion is under negotiation. Gold, petroleum products, and gems dominate trade flows.

Russia

EURASIA

DEEP

$65bn trade — India's oil discount windfall post-2022

Russia-India trade surged from $13bn (FY22) to $65bn (FY24) after Western sanctions drove Russia to offer deeply discounted crude. India now sources ~30% of oil imports from Russia. Payment in rupee-rouble and third-currency mechanisms. Russia is India's top defence supplier. Fertiliser, coal, and arms dominate imports; pharmaceuticals and food lead exports.

Saudi Arabia

WEST ASIA

DEEP

$52bn trade — largest oil supplier; Vision 2030 investment

Saudi Arabia is India's largest crude oil supplier and third-largest trading partner at $52bn. Saudi Aramco has a stake in Indian refining (HPCL Rajasthan refinery). Saudi Arabia's Public Investment Fund is exploring large-scale India investments under Vision 2030. India exports refined petroleum products, food, and chemicals. Hajj pilgrimage logistics add a unique bilateral dimension.

Singapore

SOUTH EAST ASIA

DEEP

CECA in force — largest FDI source; financial hub

India-Singapore CECA (2005) covers goods, services, and investment. Singapore is India's largest source of FDI ($100bn+ cumulative). Singapore functions as the primary financial gateway for India-ASEAN trade. UPI-PayNow interoperability is live. India-Singapore relationship upgraded to a Comprehensive Strategic Partnership in 2024.

South Korea

EAST ASIA

DEEP

CEPA in force — $24bn trade; Samsung and Hyundai in India

India-Korea CEPA entered force in 2010. $24bn bilateral trade in FY24. Korean FDI in India is concentrated in electronics (Samsung), automobiles (Hyundai, Kia), and steel (POSCO). India exports engineering goods, pharmaceuticals, and textiles. CEPA upgrade to include services and investment is under negotiation.

Japan

EAST ASIA

DEEP

CEPA in force since 2011 — $21bn trade; $42bn cumulative FDI

India-Japan CEPA entered force in 2011. $21bn bilateral trade; Japan is among India's largest investors ($42bn cumulative FDI). Japanese investment spans automobiles (Suzuki-Maruti dominates India's car market), infrastructure, electronics, and chemicals. CEPA upgrade covering services and digital trade is under discussion.

Germany

EUROPE

DEEP

$30bn trade — largest European trading partner; Mittelstand in India

Germany is India's largest European bilateral trading partner at $30bn. Over 1,800 German companies operate in India. German FDI spans automotive (VW, BMW, Mercedes), engineering, and chemicals. India exports chemicals, pharmaceuticals, and machinery. Germany is India's top lobbying priority for the EU-India FTA. CBAM (Carbon Border Adjustment Mechanism) is a growing trade friction.

Australia

OCEANIA

DEEP

ECTA in force — CECA negotiations ongoing; critical minerals

India-Australia Economic Cooperation and Trade Agreement (ECTA) entered force in December 2022 — India's first FTA with a major developed economy in over a decade. A Comprehensive Economic Cooperation Agreement (CECA) covering services, investment, and government procurement is under negotiation. Critical minerals (lithium, cobalt) are a strategic pillar.

United Kingdom

EUROPE

ACTIVE

FTA negotiations — 14 rounds completed; deal targeted for 2026

India-UK FTA negotiations began in January 2022. 14 rounds completed by mid-2026; key sticking points are tariffs on Scotch whisky and automobiles (UK demands) and professional services mobility (India demand). Bilateral goods trade stands at $22bn. UK is India's second-largest source of FDI in Europe.

FTA relaunched 2022 — standalone investment and GI agreements

India-EU FTA relaunched in June 2022 after a decade-long pause. Also negotiating standalone investment protection and geographical indications (GI) agreements. EU is India's largest trading bloc at $130bn. Carbon border adjustment mechanism (CBAM) imposes carbon costs on Indian steel and aluminium exports from 2026.

Netherlands

EUROPE

ACTIVE

Rotterdam gateway; ASML supply chain; $18bn trade

The Netherlands is India's largest EU trade partner after Germany at $18bn, driven by Rotterdam port re-exports. Dutch FDI in India (routed partly through the Netherlands as a holding jurisdiction) is significant. ASML's semiconductor equipment is a strategic import for India's chip ambitions. India-Netherlands BIT is active.

Belgium

EUROPE

ACTIVE

Antwerp diamond trade — $14bn; India dominates diamond processing

Belgium-India trade is dominated by diamonds — Antwerp is the world's largest diamond hub and Indian traders (primarily Gujarati Jains from Surat) process 90% of the world's cut and polished diamonds. $14bn bilateral trade. Port of Antwerp is a key entry point for Indian exports to Europe. Belgium-India BIT covers investment.

France

EUROPE

ACTIVE

$12bn trade — defence, aerospace, luxury; Airbus India hub

$12bn bilateral trade. France is India's key partner in defence (Rafale jets, submarines) and aerospace. Airbus has a major engineering and design hub in Bangalore. Indian IT firms are expanding in Paris. India exports refined petroleum, chemicals, and gems. France is a strong supporter of an ambitious India-EU FTA.

Italy

EUROPE

ACTIVE

$12bn trade — machinery, textiles, and leather goods

$12bn bilateral trade. Italy exports machinery and equipment (a critical input for Indian manufacturing), luxury goods, and chemicals. India exports textiles, leather goods, engineering products, and chemicals. Italian design houses source leather from India. India-Italy BIT is active; the relationship benefits from the EU-India FTA negotiation.

Switzerland

EUROPE

ACTIVE

$20bn trade — gold dominates; pharma and watches

Switzerland-India trade is dominated by gold imports ($15bn+) — Switzerland is India's largest gold supplier. Swiss pharma companies (Novartis, Roche) have significant India operations. India exports gems, jewellery, and pharmaceuticals. Switzerland hosts significant Indian-origin financial assets. EFTA-India Trade and Economic Partnership Agreement (TEPA) entered force in 2025.

Indonesia

SOUTH EAST ASIA

ACTIVE

$30bn trade — coal, palm oil, and India-ASEAN FTA

$30bn bilateral trade, dominated by Indonesian coal and palm oil imports. India-Indonesia trade benefits from the India-ASEAN FTA. Indonesia is India's largest coal supplier. India exports refined petroleum, steel, and pharmaceuticals. India-Indonesia CEPA negotiations were launched to upgrade the bilateral framework beyond the ASEAN FTA.

Malaysia

SOUTH EAST ASIA

ACTIVE

$20bn trade — palm oil, LNG, and semiconductors

$20bn bilateral trade. Malaysia is a major source of palm oil and LNG for India. Malaysia's semiconductor industry is a key node in global supply chains — Indian IT firms have significant presence in Penang and Kuala Lumpur. India-Malaysia trade benefits from the India-ASEAN FTA. India exports steel, refined petroleum, and machinery.

Vietnam

SOUTH EAST ASIA

ACTIVE

$14bn trade — electronics exports hub; India-ASEAN FTA

$14bn bilateral trade and growing. Vietnam has emerged as a major electronics manufacturing hub (Samsung phones, Intel chips) — India imports electronics components and finished goods. India exports steel, cotton, and machinery. India-ASEAN FTA governs trade; a bilateral investment framework is under discussion. India and Vietnam are both part of the Indo-Pacific supply chain diversification.

Thailand

SOUTH EAST ASIA

ACTIVE

$14bn trade — automotive parts, chemicals, and ASEAN FTA

$14bn bilateral trade. Thailand is ASEAN's automotive manufacturing hub — India imports vehicle parts and exports components. Chemicals, plastics, and agricultural products are major trade flows. India-ASEAN FTA governs trade. Thai investment in Indian food processing and hospitality is growing. India runs a trade deficit with Thailand.

Bangladesh

SOUTH ASIA

ACTIVE

SAFTA — India's largest South Asian trading partner

Bangladesh is India's largest trading partner in South Asia at $14bn. India exports cotton, fabric, machinery, and vehicles; imports garments and jute products. Bangladesh's garment sector relies heavily on Indian yarn and fabric. India has extended duty-free access under SAFTA and LDC provisions. Transit and connectivity projects reduce trade costs significantly.

Iraq

WEST ASIA

ACTIVE

$27bn trade — Iraq is India's second-largest oil supplier

Iraq is India's second-largest crude oil supplier at $27bn. Indian Oil, HPCL, and other PSUs have invested in Iraqi oil fields. India exports pharmaceuticals, cereals, and manufactured goods. The bilateral relationship is driven by energy security — India imports around 20% of its crude from Iraq.

Kuwait

WEST ASIA

ACTIVE

$15bn trade — oil and remittances; India's largest Gulf labour market

$15bn bilateral trade dominated by crude oil imports. Kuwait is India's fourth-largest Gulf oil supplier. 900,000 Indians work in Kuwait — remittances are a significant bilateral flow. India exports food, textiles, and manufactured goods. Kuwait Investment Authority has been encouraged to increase India investments.

Oman

WEST ASIA

ACTIVE

CEPA under negotiation — $12bn trade; FDI in Indian manufacturing

$12bn bilateral trade. India-Oman CEPA negotiations are ongoing. Oman is a significant oil and LNG supplier to India. Indian infrastructure and IT companies have a strong presence in Oman. India exports machinery, vehicles, and textiles. Oman is a gateway for Indian exports into the Gulf market.

Qatar

WEST ASIA

ACTIVE

$8bn trade — LNG supply; India-Qatar long-term energy agreement

$8bn bilateral trade. Qatar is India's largest LNG supplier — a long-term supply agreement with Petronet LNG underpins energy security. India exports food, textiles, and manufactured goods. Qatar Investment Authority has invested in Indian real estate and infrastructure. 700,000 Indian workers drive significant remittance flows.

Brazil

LATIN AMERICA

ACTIVE

$14bn trade — IBSA and BRICS; soy, crude oil, and pharma

$14bn bilateral trade. Brazil is India's largest Latin American trading partner. India imports crude oil, soy, and fertiliser inputs. India exports pharmaceuticals (Indian generics dominate Brazil's public health system), refined petroleum, and chemicals. IBSA and BRICS frameworks provide multilateral context. A bilateral PTA is under discussion.

Canada

NORTH AMERICA

ACTIVE

$10bn trade — pulses, potash, and FTA negotiations paused

$10bn bilateral trade. Canada is India's largest source of lentils and peas — critical for Indian food security. Potash for fertilisers is another strategic import. FTA negotiations (CEPA) were launched in 2022 but paused after diplomatic tensions in 2023 over the Nijjar killing. IT services and financial investment links remain strong.

South Africa

AFRICA

ACTIVE

$8bn trade — IBSA and BRICS; coal, minerals, and pharma

$8bn bilateral trade. South Africa is India's largest African trading partner. India imports coal and minerals; exports pharmaceuticals, machinery, and refined petroleum. IBSA and BRICS provide multilateral frameworks. India-SACU PTA talks have been periodically discussed. Indian pharma companies dominate South Africa's generic medicine market.

Israel

WEST ASIA

ACTIVE

$10bn trade — FTA under negotiation; defence, agri-tech

$10bn bilateral trade. India-Israel FTA negotiations are ongoing. Defence equipment, diamonds, and agri-tech are the core trade pillars. Israel is India's largest arms supplier after Russia. Indian diamond polishing companies source rough from Israeli traders. India exports generic pharmaceuticals and chemical products.

Turkey

WEST ASIA

ACTIVE

$10bn trade — steel, machinery, and growing ties

$10bn bilateral trade. Turkey exports steel products, marble, and machinery to India; India exports pharmaceuticals, cotton, and machinery. India-Turkey PTA discussions have been held. Turkey's geographic position as a trade hub between Europe and Asia makes it a useful transit point. Relations have been complicated by Turkey's position on Kashmir.

Hong Kong

EAST ASIA

ACTIVE

$18bn trade — re-export hub; diamonds and financial gateway

$18bn bilateral trade, largely re-exports through Hong Kong to mainland China. Hong Kong is a key financial and diamond trading gateway. Indian diamond exports to Hong Kong are among the largest trade flows. Indian IT and financial services firms use Hong Kong as a China entry point. India-Hong Kong trade is governed by separate WTO schedules.

New Zealand

OCEANIA

ACTIVE

$1bn trade — FTA negotiations; dairy, education, and services

India-New Zealand bilateral goods trade is modest ($1bn) but the relationship has strategic promise. FTA negotiations under discussion within the India-Pacific Economic Framework. New Zealand's dairy (Fonterra) and education exports are significant. India exports IT services, pharmaceuticals, and textiles. New Zealand's critical minerals ambitions align with India's supply chain needs.

Spain

EUROPE

GROWING

$7bn trade — automotive, renewables, and EU FTA link

$7bn bilateral trade. Spain exports machinery, vehicles, and chemicals; India exports textiles, gems, and pharmaceuticals. Spanish companies (Iberdrola, ACS) are active in Indian renewable energy. Trade benefits from the EU-India FTA negotiation. Spain is a growing destination for Indian IT professionals and students.

Poland

EUROPE

GROWING

$3bn trade — Central European manufacturing gateway

$3bn bilateral trade and growing. Poland is Central Europe's largest economy and a manufacturing hub. India exports pharmaceuticals, chemicals, and IT services; imports machinery and automotive parts. Polish companies are investing in Indian tech. India-Poland BIT was terminated and is being renegotiated.

Sweden

EUROPE

GROWING

$3bn trade — Ericsson, Volvo, and defence cooperation

$3bn bilateral trade. Swedish companies — Ericsson, Volvo, SKF, SAAB — have significant India operations. India and Sweden cooperate on defence (SAAB Gripen was evaluated; Carl-Gustaf systems in use). India exports IT services, pharmaceuticals, and engineering goods. Sweden is a strong advocate for the EU-India FTA.

Austria

EUROPE

GROWING

$2bn trade — engineering, environmental tech

$2bn bilateral trade. Austria specialises in engineering and environmental technology — water treatment, waste management, and precision machinery. Indian IT firms have offices in Vienna. Austria exports capital goods; India exports textiles, chemicals, and IT services. Trade benefits from the EU-India FTA track.

Czech Republic

EUROPE

GROWING

$2bn trade — automotive parts and defence equipment

$2bn bilateral trade. Czech Republic is Central Europe's automotive manufacturing hub — Skoda (Volkswagen Group) has a major India presence. Czech defence companies supply small arms and equipment to Indian security forces. India exports pharmaceuticals and textiles; imports automotive parts and machinery.

Ireland

EUROPE

GROWING

$3bn trade — pharma, tech, and Indian diaspora in Dublin

$3bn bilateral trade. Ireland is a hub for US tech companies (Google, Meta, Apple) with significant Indian workforces. Irish pharmaceutical exports (generic APIs) reach India. Indian IT professionals are a large share of Ireland's skilled worker intake. Trade benefits from the EU-India FTA. Ireland's low corporate tax rate makes it an investment structuring hub.

Denmark

EUROPE

GROWING

$2bn trade — green shipping, Maersk, and wind energy

$2bn bilateral trade. Denmark's Maersk is the world's largest shipping company — critical for India's trade logistics. Danish wind energy companies (Vestas, Ørsted) have India projects. India-Denmark Green Strategic Partnership (2020) covers renewables, water, and shipping decarbonisation. India exports textiles and chemicals; imports machinery and pharmaceutical ingredients.

Norway

EUROPE

GROWING

$2bn trade — EFTA TEPA; salmon, oil tech, and shipping

Norway-India trade entered a new phase with the India-EFTA Trade and Economic Partnership Agreement (TEPA) in 2025. Norway exports seafood (salmon), oil technology, and shipping services; India exports textiles, chemicals, and IT services. Norway's sovereign wealth fund (GPFG) is a significant passive investor in Indian equities. Fisheries and aquaculture cooperation is developing.

Finland

EUROPE

GROWING

$1.5bn trade — Nokia, forest industries, and cleantech

$1.5bn bilateral trade. Nokia (headquartered in Finland) has a major India presence in telecom networks. Finnish cleantech and forest industry companies see India as a growth market. India exports IT services and textiles; imports machinery and telecom equipment. Finland is an advocate for the EU-India FTA and digital trade cooperation.

Romania

EUROPE

GROWING

$1.5bn trade — IT outsourcing and automotive

$1.5bn bilateral trade. Romania is an emerging IT outsourcing destination that competes with and complements India. Renault's Dacia brand (produced in Romania) supplies the Indian auto market. India exports pharmaceuticals, chemicals, and IT services. Romania's EU membership links it to the India-EU FTA track.

Hungary

EUROPE

GROWING

$1bn trade — pharma, automotive, and battery manufacturing

$1bn bilateral trade. Hungary is a growing electric vehicle and battery manufacturing hub — Samsung SDI and CATL have major plants there. This links to India's EV supply chain interests. India exports pharmaceuticals and chemicals; imports automotive parts and electronic components. Hungary's EU membership links it to the India-EU FTA.

Greece

EUROPE

GROWING

$1bn trade — shipping services, olive oil, and marble

$1bn bilateral trade. Greece is central to global shipping — Greek ship owners control the world's largest commercial fleet and are significant customers for India's ship recycling industry (Alang). India exports textiles and pharmaceuticals; imports olive oil, marble, and shipping services. Greece's Mediterranean position makes it a EU FTA priority for trade facilitation.

Portugal

EUROPE

GROWING

$1bn trade — Goa heritage; growing Indian diaspora

$1bn bilateral trade. Portugal and India share the Goa heritage — 451 years of Portuguese colonial rule. Portuguese wine, cork, and ceramics reach India; India exports pharmaceuticals, textiles, and IT services. The Indian diaspora in Portugal is growing under the Golden Visa scheme. Portugal's Atlantic ports are used by some Indian cargo flows to Europe.

Nepal

SOUTH ASIA

GROWING

SAFTA — India is Nepal's overwhelming trade partner (65% of trade)

India accounts for approximately 65% of Nepal's total trade. Nepal imports fuel, food, vehicles, and manufactured goods from India. Nepal exports hydropower electricity to India — a growing strategic linkage. India-Nepal Treaty of Trade and India-Nepal Treaty of Transit underpin the relationship. Open border makes trade integration exceptionally deep.

Sri Lanka

SOUTH ASIA

GROWING

FTA in force since 2001 — CEPA talks; India's economic lifeline in 2022

India-Sri Lanka Free Trade Agreement (ISFTA) has been in force since 2001. Comprehensive Economic Partnership Agreement (CEPA) talks are ongoing. India provided a critical $4bn economic lifeline during Sri Lanka's 2022 financial crisis. India is Sri Lanka's largest trading partner. India exports vehicles, machinery, and pharmaceuticals; imports spices, rubber, and coconut products.

Philippines

SOUTH EAST ASIA

GROWING

$3bn trade — ASEAN FTA; pharma, electronics, and BPO

$3bn bilateral trade. Philippines benefits from the India-ASEAN FTA. India exports pharmaceuticals (critical for the Philippines public health system) and chemicals; imports electronic components and coconut products. Indian and Filipino BPO industries compete and cooperate in the global services market. India-Philippines bilateral investment treaty is active.

Myanmar

SOUTH EAST ASIA

GROWING

$1.5bn trade — ASEAN FTA; Act East gateway; border trade

$1.5bn bilateral trade. Myanmar is a critical node in India's Act East Policy — providing land connectivity to ASEAN. India-Myanmar-Thailand Trilateral Highway is under construction. Border trade through Moreh (Manipur) and Zokhawthar (Mizoram) is significant. The 2021 coup has complicated relations but trade continues. India imports pulses and timber; exports vehicles and machinery.

Cambodia

SOUTH EAST ASIA

GROWING

$1bn trade — ASEAN FTA; garments and agricultural products

$1bn bilateral trade. Cambodia benefits from the India-ASEAN FTA. Cambodia exports garments and agricultural products; India exports pharmaceuticals, machinery, and vehicles. India provides development assistance including scholarships and technical training. Cambodia's growing manufacturing sector is attracting Indian investment interest.

Egypt

NORTH AFRICA

GROWING

$7bn trade — India's largest African trading partner; PTA talks

Egypt is India's largest African trading partner at $7bn. India exports refined petroleum, engineering goods, and pharmaceuticals; imports crude oil, fertilisers, and cotton. Suez Canal is critical for India-Europe trade. India-Egypt PTA discussions are ongoing. Egypt is an important market for India's pharmaceutical exports in Africa.

Mexico

LATIN AMERICA

GROWING

$8bn trade — nearshoring boom; pharma and IT services

$8bn bilateral trade. Mexico's nearshoring boom — driven by US-China decoupling — is creating manufacturing opportunities for Indian companies. India exports pharmaceuticals, chemicals, and IT services; imports crude oil and electronic components. Indian IT firms are establishing nearshoring centres in Guadalajara and Monterrey. A bilateral PTA is under discussion.

Argentina

LATIN AMERICA

GROWING

$4bn trade — soy, lithium, and MERCOSUR gateway

$4bn bilateral trade. Argentina is a key source of soy, edible oils, and fertiliser inputs for India. Argentina's lithium triangle (world's largest lithium reserves) is a strategic minerals interest. India exports pharmaceuticals, machinery, and chemicals. MERCOSUR-India PTA talks have been periodically discussed. IBSA provides a multilateral framework.

Chile

LATIN AMERICA

GROWING

$2bn trade — copper, lithium, and PTA in force

India-Chile PTA entered force in 2007. $2bn bilateral trade. Chile is a major copper and lithium exporter — critical minerals for India's energy transition. India exports pharmaceuticals, chemicals, and IT services. Chile's Pacific ports are gateways for Indian exports to Latin America. Bilateral trade has grown steadily since the PTA.

Peru

LATIN AMERICA

GROWING

$2bn trade — copper, gold, and PTA under discussion

$2bn bilateral trade. Peru is a significant copper and gold producer — strategic minerals for India's manufacturing and reserves. India exports pharmaceuticals, machinery, and textiles; imports copper, zinc, and fishmeal. A bilateral PTA is under discussion within the India-Pacific Alliance engagement framework. Peru's ports offer Pacific access for Indian exports.

Colombia

LATIN AMERICA

GROWING

$3bn trade — coal, emeralds, and pharma

$3bn bilateral trade. Colombia is a significant coal exporter to India. Colombian emeralds reach Indian jewellery manufacturers through Dubai. India exports pharmaceuticals, chemicals, and IT services. Colombia's Pacific Alliance membership offers a gateway to Latin American trade. Bilateral investment ties are developing.

Bahrain

WEST ASIA

GROWING

$1.5bn trade — aluminium, oil products, and GCC gateway

$1.5bn bilateral trade. Bahrain is a significant aluminium producer — Indian manufacturers import Bahraini aluminium. India exports food, textiles, and manufactured goods. Bahrain is developing as a fintech hub — UPI integration is being explored. Bahrain's small size makes it a boutique but strategically useful Gulf partner.

Jordan

WEST ASIA

GROWING

$2bn trade — potash, phosphates, and India's fertiliser security

$2bn bilateral trade. Jordan is a critical potash and phosphate supplier — India's agricultural sector depends heavily on imported fertilisers. India exports pharmaceuticals, textiles, and machinery. Jordan-India BIT provides investment protection. India-Jordan trade is growing as India seeks to diversify fertiliser sourcing.

Kazakhstan

CENTRAL ASIA

GROWING

$2bn trade — uranium, oil, and SCO trade framework

$2bn bilateral trade through the SCO framework. Kazakhstan supplies uranium to Indian nuclear power plants and is a significant crude oil source. India exports pharmaceuticals, machinery, and IT services. India-Kazakhstan BIT provides investment protection. The International North-South Transport Corridor (INSTC) includes a route through Kazakhstan for India-Russia trade.

Uzbekistan

CENTRAL ASIA

GROWING

$1bn trade — SCO; pharma and textiles; connectivity

$1bn bilateral trade. India exports pharmaceuticals (Uzbek public health relies heavily on Indian generics) and textiles; imports cotton and minerals. SCO provides the multilateral trade framework. India and Uzbekistan are developing the INSTC route through Central Asia. Indian IT companies are exploring Tashkent as a hub. Bilateral BIT is active.

Morocco

NORTH AFRICA

GROWING

$3bn trade — phosphate, potash, and Africa gateway

$3bn bilateral trade. Morocco is the world's largest phosphate exporter — India's fertiliser industry is a major customer. India exports pharmaceuticals, machinery, and chemicals. Morocco is positioning itself as an Africa-Europe manufacturing hub and an attractive base for Indian companies. India-Morocco BIT is being developed.

Algeria

NORTH AFRICA

GROWING

$2bn trade — LNG, crude oil, and fertilisers

$2bn bilateral trade. Algeria is an LNG and crude oil supplier to India. India exports pharmaceuticals, textiles, and machinery. Algeria has significant phosphate reserves of interest to India's fertiliser security. India-Algeria BIT provides investment protection. Algeria's large market is underexplored by Indian exporters.

Ethiopia

AFRICA

GROWING

$1bn trade — coffee, sesame, and Indian manufacturing FDI

$1bn bilateral trade and growing. Indian companies (textile, leather, agri-processing) have invested in Ethiopia's industrial parks — drawn by low labour costs and AGOA access. India exports pharmaceuticals, machinery, and vehicles; imports coffee, sesame, and oilseeds. Ethiopia is India's entry point into East Africa's manufacturing ecosystem.

Nigeria

AFRICA

GROWING

$5bn trade — crude oil, LNG, and pharma exports

$5bn bilateral trade. Nigeria is India's second-largest African trading partner. India imports crude oil and LNG; exports pharmaceuticals (Indian generics are Nigeria's primary medicine supply), machinery, and textiles. Nigerian crude suits Indian refineries. India-Nigeria BIT provides investment protection. Nigeria's large consumer market is an opportunity for Indian FMCG companies.

Kenya

AFRICA

GROWING

$3bn trade — tea, coffee, and East Africa gateway

$3bn bilateral trade. India imports Kenyan tea and coffee; exports pharmaceuticals, machinery, vehicles, and textiles. Kenya is the East African gateway for Indian exports. The Indian-Kenyan diaspora (Gujarati traders) facilitates trade networks. India-Kenya BIT provides investment protection. Kenyan agricultural exports to India are growing.

Tanzania

AFRICA

GROWING

$3bn trade — cashews, gold, and growing pharma exports

$3bn bilateral trade. Tanzania exports cashews (India is the largest buyer), gold, and tobacco; India exports pharmaceuticals, textiles, and machinery. Indian traders have historically dominated Tanzania's commercial sector. Tanzania is a gateway to the EAC (East African Community) market. India-Tanzania BIT provides investment protection.

Maldives

SOUTH ASIA

PILOT

$300m trade — essential goods supplier; SAFTA

India is the Maldives' primary source of essential goods — food, building materials, and medicines. SAFTA governs trade. India provides a $200m credit line for infrastructure. The relationship is asymmetric: the Maldives is economically dependent on India. Disruptions (as in 2023-24 under President Muizzu's 'India Out' phase) illustrate how central India is to Maldivian supply chains.

Bhutan

SOUTH ASIA

PILOT

$1bn trade — India accounts for 80% of Bhutan's trade; hydropower

India accounts for approximately 80% of Bhutan's total trade — the most concentrated bilateral trade relationship in South Asia. India imports hydropower electricity; exports fuel, food, and manufactured goods. Bhutan's development plan (Five Year Plans) is significantly funded by India. India-Bhutan Treaty of Trade and Commerce provides the framework. Currency (Ngultrum) is pegged to the rupee.

Iran

WEST ASIA

PILOT

Chabahar port — trade route to Afghanistan and Central Asia

India-Iran trade is severely constrained by US sanctions — oil imports ceased in 2019. Chabahar port is the key remaining engagement: India is developing it as a transit hub to bypass Pakistan and access Afghanistan and Central Asia. India exports rice, sugar, and pharmaceuticals through Chabahar. Rupee-Rial payment mechanisms are being explored. A free-trade agreement within the INSTC framework is discussed.

Pakistan

SOUTH ASIA

PILOT

Near-zero formal trade — $1bn estimated informal trade

Formal India-Pakistan trade has been near zero since August 2019 when Pakistan suspended trade after India's revocation of Jammu & Kashmir's special status. Estimated informal trade of $1bn flows through Dubai and other third countries. India-Pakistan trade was $2bn at peak. Restoration of formal trade requires political normalisation; SAFTA provisions remain technically in place.

Ghana

AFRICA

PILOT

$1.5bn trade — gold, cocoa, and pharma exports

$1.5bn bilateral trade. Ghana exports gold and cocoa; India exports pharmaceuticals, machinery, and textiles. India-Ghana BIT provides investment protection. Ghana's stable democracy and Accra's growing tech scene attract Indian IT companies. ITEC scholarships and development cooperation complement the trade relationship.

Mozambique

AFRICA

PILOT

$1bn trade — natural gas, coal, and sesame

$1bn bilateral trade. Mozambique's Rovuma basin natural gas discoveries (Eni, Total) have attracted Indian energy company interest — ONGC Videsh has a stake. India imports coal and sesame; exports pharmaceuticals and textiles. Indian traders have historic commercial ties. India-Mozambique BIT provides investment protection.

Uganda

AFRICA

PILOT

$600m trade — coffee, vanilla, and pharma exports

$600m bilateral trade. Uganda exports coffee, vanilla, and fish; India exports pharmaceuticals, machinery, and textiles. Indian-Ugandan diaspora facilitates business networks. India-Uganda BIT provides investment protection. Uganda's oil sector (Albert Basin) has attracted Indian company interest. Kampala's tech scene is drawing Indian IT firms.

Zimbabwe

AFRICA

PILOT

$400m trade — tobacco, chrome, and platinum

$400m bilateral trade. Zimbabwe exports tobacco (Indian leaf buyers are major customers), chrome, and platinum group metals; India exports pharmaceuticals and machinery. Indian companies have historic investments in Zimbabwe's manufacturing sector. ITEC scholarships support Zimbabwean capacity building. Zimbabwe's mineral wealth (platinum, lithium) is a growing India interest.

Zambia

AFRICA

PILOT

$400m trade — copper, cobalt, and pharma

$400m bilateral trade. Zambia is a major copper and cobalt producer — critical minerals for India's clean energy transition. India exports pharmaceuticals and machinery; imports copper and cobalt. Indian companies have investment interest in Zambian mining. India-Zambia BIT provides investment protection. ITEC scholarships support Zambian professionals.

Senegal

AFRICA

PILOT

$500m trade — phosphates, peanut oil, and pharma

$500m bilateral trade. Senegal exports phosphates and peanut oil; India exports pharmaceuticals, machinery, and textiles. Senegal's emerging oil and gas sector (Sangomar field) is attracting Indian energy company interest. Dakar is the West African gateway for Indian exports. India-Senegal development cooperation includes ITEC training.

Côte d'Ivoire

AFRICA

PILOT

$600m trade — cocoa, cashews, and West Africa hub

$600m bilateral trade. Côte d'Ivoire is the world's largest cocoa producer — Indian confectionery and chocolate companies source from here. Cashew exports to India are growing. India exports pharmaceuticals, machinery, and textiles. Abidjan is the commercial hub for West Africa — an entry point for Indian exports. India-Côte d'Ivoire BIT is being developed.

Angola

AFRICA

PILOT

$2bn trade — crude oil and energy partnership

$2bn bilateral trade. Angola is a significant crude oil supplier to India. Indian oil PSUs have explored Angolan upstream assets. India exports pharmaceuticals, machinery, and textiles. Angola is a growing market for Indian FMCG companies. India-Angola BIT provides investment protection. Angola's post-war reconstruction has created infrastructure investment opportunities.

Tunisia

NORTH AFRICA

PILOT

$1bn trade — phosphates, olive oil, and pharma

$1bn bilateral trade. Tunisia exports phosphates (for Indian fertilisers), olive oil, and dates; India exports pharmaceuticals, machinery, and chemicals. Tunisia's skilled French-Arabic workforce is of interest to Indian IT companies. Tunisia-India BIT provides investment protection. Tunisia's Mediterranean position makes it a useful trade gateway.

Laos

SOUTH EAST ASIA

PILOT

$200m trade — ASEAN FTA; land-linked connectivity ambitions

$200m bilateral trade. Laos benefits from the India-ASEAN FTA. India exports pharmaceuticals and machinery; imports timber and hydropower-related equipment. Laos is becoming a connectivity hub with the Vientiane-Kunming railway — relevant to India's ASEAN connectivity ambitions. India provides ITEC scholarships. Buddhist heritage links are also a cultural dimension.

Brunei

SOUTH EAST ASIA

PILOT

$1bn trade — LNG, crude oil, and ASEAN FTA

$1bn bilateral trade. Brunei is an LNG and crude oil exporter — India imports energy. India exports pharmaceuticals, vehicles, and machinery. Brunei benefits from the India-ASEAN FTA. Brunei's sovereign wealth fund (BIA) has potential India investment interest. The bilateral relationship is modest but underpinned by ASEAN and RCEP frameworks.

Cuba

LATIN AMERICA

PILOT

$300m trade — pharmaceuticals, nickel, and historic solidarity

$300m bilateral trade. Cuba-India ties carry the weight of Non-Aligned Movement solidarity — a long-standing political warmth. India exports pharmaceuticals (Cuban healthcare relies significantly on Indian generics); Cuba exports nickel, medical equipment, and biotech products. Cuba's innovative biotech industry (cancer vaccines, biologics) is of interest to Indian pharma companies.

Jamaica

LATIN AMERICA

PILOT

$200m trade — bauxite, CARICOM, and pharma exports

$200m bilateral trade. Jamaica exports bauxite and alumina (inputs for Indian aluminium industry); India exports pharmaceuticals, textiles, and machinery. Jamaica's CARICOM membership links it to India's Caribbean engagement framework. India-Jamaica development cooperation covers ITEC scholarships. Indo-Jamaican diaspora heritage ties supplement the commercial relationship.

Trinidad & Tobago

LATIN AMERICA

PILOT

$500m trade — LNG, methanol, and CARICOM

$500m bilateral trade. Trinidad & Tobago is a significant LNG and methanol exporter — of interest to India's energy diversification. India exports pharmaceuticals and textiles. T&T's CARICOM membership links it to India's Caribbean framework. Indo-Trinidadian diaspora (37% of population) provides strong people-to-people channels that facilitate trade.

Suriname

LATIN AMERICA

PILOT

$300m trade — gold, bauxite, and CARICOM link

$300m bilateral trade. Suriname exports gold and bauxite; India exports pharmaceuticals and machinery. Suriname's significant Indo-Surinamese population (27%) facilitates trade networks and political warmth. CARICOM membership links it to India's Caribbean engagement. Suriname's offshore oil discoveries are drawing Indian energy company interest.

Guyana

LATIN AMERICA

PILOT

$300m trade — oil boom; CARICOM; Indo-Guyanese diaspora

$300m bilateral trade — growing rapidly with Guyana's oil boom. ExxonMobil's Stabroek block has made Guyana one of the fastest-growing oil producers in the world; Indian energy companies are monitoring. Indo-Guyanese (39% of population) and President Ali's Indian-origin background provide strong political warmth. India exports pharmaceuticals and machinery.

Rwanda

EAST AFRICA

PILOT

Pharma exports; India-Africa trade corridor

India exports generic pharmaceuticals, IT services, and agri inputs to Rwanda. Rwanda's Kigali hub status makes it a gateway for India's broader East Africa outreach. Trade volumes are modest (~$100m) but growing under India-Africa Forum Summit commitments.

Ecuador

LATIN AMERICA

PILOT

Pharma and chemicals trade; MERCOSUR adjacent

India-Ecuador trade is modest at ~$600m — India exports pharmaceuticals, chemicals, and machinery; imports bananas and shrimp. Ecuador's oil sector offers potential for Indian energy companies. No FTA; relations managed through diplomatic channels and MERCOSUR engagement.

Bolivia

LATIN AMERICA

PILOT

Lithium interest — strategic mineral diplomacy

Bolivia holds the world's largest lithium reserves — critical for India's EV and battery strategy. India's engagement is early-stage: diplomatic expressions of interest in lithium extraction partnerships. Trade (~$200m) currently dominated by Indian pharma and chemicals exports.

Azerbaijan

EURASIA

PILOT

INSTC corridor node — Caspian energy transit

Azerbaijan is a key node on the International North-South Transport Corridor (INSTC), linking India via Iran and the Caspian to Russia and Europe. Bilateral trade is limited (~$500m) but strategic importance is rising as India diversifies logistics routes. Energy cooperation (Caspian oil) under discussion.

Cameroon

WEST AFRICA

PILOT

West Africa gateway — pharma and commodities

Cameroon is a growing trade partner in West-Central Africa. India exports pharmaceuticals, machinery, and textiles; imports timber and agricultural commodities. Cameroon's bilingual status and Central African Economic Community membership offer a regional gateway. India-Africa Forum Summit framework governs engagement.