In 2024, the Department of Commerce recorded a range of achievements from Free Trade Agreement (FTA) negotiations, initiatives for MSMEs to digital transformations.
In terms of FTAs, India has signed nearly eight key agreements this year.
India and the European Free Trade Association (EFTA) have signed the Trade and Economic Partnership Agreement (TEPA). EFTA countries are Switzerland, Iceland, Norway & Liechtenstein.
The ninth round of India-EU FTA negotiations were also held in September 2024. The negotiations cover 23 policy areas/chapters.
Consequent to the meeting of Prime Minister Narendra Modi and the Prime Minister of the United Kingdom Sir Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil this year, the UK announced relaunch of the India-UK Free Trade talks early next year.
India has also strengthened ties with the neighbours as India-Sri Lanka Economic and Technology Cooperation Agreement (ETCA) negotiations are ongoing with the 14th round of negotiations concluded in July 2024.
India is also negotiating a Trade Agreement with Peru covering trade in goods & services. The 6th and the 7th rounds of negotiations were held this year during 12-14 February, and 8-11 April.
In March, India and Dominican Republic signed a Protocol for establishment of the Joint Economic and Trade Committee.
The 21st ASEAN-India Economic Ministers’ meeting was also held on 20th September 2024 in Vientiane, Lao PDR.
This year, India was also engaged in key multilateral engagements like the World Trade Organisation (WTO) and the Indo-Pacific Economic Framework for Prosperity (IPEF).
In terms of bilateral cooperation, India engaged with the USA, UAE, Qatar, Egypt, Nigeria, Ghana, Zimbabwe, Cambodia, Myanmar, and South Korea.
Some of the new initiatives launched by the Department of Commerce were InCENT Lab Grown Diamond (LGD) Project, Bharat Mart in Dubai, Pradhan Mantri Cha Shramik Protsahan Yojana, Enhanced Insurance Cover for MSME Exporters, E-Commerce Export Hubs among others.
Some other key digital initiatives were the Trade Connect e-Platform, a transformative, single-window initiative designed to help Indian exporters, particularly MSMEs, and online JanSunwai Facility for bridging communication and empowering trade.