India is one of the fastest growing economies in the world and has initiated numerous free trade agreements (FTAs) with countries and economic blocs around the globe. In this article, we present the list of India`s current FTAs and their impact on the country`s economy.

1. South Asian Free Trade Area (SAFTA)

SAFTA was established in 2006 by the member countries of the South Asian Association for Regional Cooperation (SAARC). The FTA aims to promote intra-regional trade by reducing tariffs and non-tariff barriers (NTBs) among the member nations. India, as the largest economy in SAARC, has played a major role in the success of SAFTA.

2. India-ASEAN Free Trade Area (IAFTA)

The IAFCA was signed in 2009 between India and the Association of Southeast Asian Nations (ASEAN) to promote trade and investment among member countries. The FTA has helped India increase its trade with ASEAN countries and has also led to an increase in foreign investment inflows from the region.

3. India-Japan Comprehensive Economic Partnership Agreement (CEPA)

The India-Japan CEPA was signed in 2011 to enhance trade and investment flows between the two countries. The FTA has led to significant increases in exports of automobiles, chemicals, and textiles from India to Japan and has also allowed Indian businesses greater access to the Japanese market.

4. India-Korea Comprehensive Economic Partnership Agreement (CEPA)

The India-Korea CEPA was signed in 2009 to enhance trade and investment cooperation between the two countries. The FTA has led to significant increases in trade between the two countries, with India`s major exports to South Korea including petroleum, iron, and steel products.

5. India-Association of Southeast Asian Nations (ASEAN) Trade in Goods Agreement

The India-ASEAN Trade in Goods Agreement was signed in 2009 between India and the ASEAN member countries to promote trade and investment flows among the member nations. The FTA has led to an increase in bilateral trade between India and ASEAN, particularly in areas such as pharmaceuticals, textiles, and machinery.

6. India-Malaysia Comprehensive Economic Cooperation Agreement (CECA)

The India-Malaysia CECA was signed in 2010 to enhance trade and investment flows between the two countries. The FTA has led to an increase in bilateral trade between India and Malaysia, particularly in areas such as rubber, palm oil, and petroleum products.

7. India-China Free Trade Agreement

The India-China FTA is currently under negotiation, with talks starting in 2005. If successfully negotiated, the FTA could significantly enhance trade and investment flows between the two countries, with China being India`s largest trading partner.

In conclusion, India`s FTAs have played a significant role in enhancing the country`s trade and investment flows with other nations around the world. These agreements have led to increased exports, greater access to foreign markets, and an increase in foreign investment inflows, all of which have contributed to India`s status as one of the fastest growing economies in the world.