Free Trade Agreements

Definition of Free Trade Agreement (FTA)

A Free Trade Agreement (FTA) is an agreement between two or more countries where the countries agree on certain terms and conditions that affect trade between them. There are more than 350 FTAs worldwide today. In the last two decades these agreements significantly expanded in scope, covering not only market access but also behind-the-border policy issues going far beyond WTO rules.

Types of FTAs and Regional Agreements

Mega regional FTAs like Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP) are coming into play. Developed countries are also establishing their own templates for FTA-making.

Purpose of the Book

This book is intended to bring about a greater level of understanding among readers in a systematic manner with respect to the vast changes taking place on the FTA scene worldwide and about India''s own limited participation in this regard so far.

Impact of FTAs

FTAs are legal instruments, but they also substantially affect business, industry, and agriculture interests. There is a widely held perception in the country, not without some validity, that India''s existing FTAs, even if limited, have benefitted the partner countries more than us.

Recent Developments

India has recently signed two FTAs- with the UAE and Australia. Discussions with the UK are at an advance stage and both the countries are expected to sign the FTA soon. This book tries to capture various aspects of these agreements keeping India''s position in mind.