Preparation of free trade agreement with Peru and Chile, many countries are interested in this with India

Given India's growth rate and the size of the Indian market, many countries are showing interest in entering into Free Trade Agreements (FTAs) with India. At present, India is going to start FTA talks with countries like Peru and Chile.

According to a senior official of the Ministry of Commerce and Industry, many countries like Bangladesh, Sri Lanka have expressed their desire to do FTA with India, but soon in view of the strategic needs of the country, FTA talks with South American countries Peru and Chile are going to start. Has been

Both countries have a large number of critical minerals which are needed in the manufacture of semiconductors from batteries of electric vehicles. The availability of critical minerals will help the country to transform the energy medium. Generally, under FTA, both countries eliminate or significantly reduce the duties for the import and export of goods and services. This accelerates the trade between both countries.

These days India's FTA talks with Britain are in their final stages and it is expected to have an FTA with Britain by the end of this year. India's FTA negotiations are also going on with Canada and the European Union.

India is in talks to expand the scope of its FTA with Australia. FTA with Australia has been implemented since December last year. FTA with UAE is also in force since May last year.