1. Pioneering Free Trade Agreements
India-EFTA TEPA: Transformative Trade Pact
The Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) marked a landmark achievement. Signed in March 2024, TEPA brings Switzerland, Iceland, Norway, and Liechtenstein closer to India’s economic vision. EFTA’s $100 billion investment commitment over 15 years and one million direct jobs in India showcase its potential to bolster the “Make in India” initiative.
India-EU FTA: Progress Amidst Challenges
Re-launched in 2022, negotiations for the India-EU FTA covered 23 policy areas. By September 2024, nine rounds were completed, paving the way for deeper bilateral trade integration.
Expanding Global Trade Horizons
- India-UK FTA: After 13 negotiation rounds, talks paused in May 2024 but are set to resume in 2025 following leadership discussions.
- India-Australia CECA: Building on the 2022 ECTA foundation, the CECA expands cooperation across 19 key areas, including digital trade and MSMEs.
- ASEAN-India Trade Review: With four negotiation rounds in 2024, the ASEAN India Trade in Goods Agreement (AITIGA) targets equitable tariff liberalization by 2025.
2. Export Growth and Sectoral Achievements
India’s total exports between April and October 2024 grew by 7.3%, reaching $468.5 billion. Significant contributions came from:
- Engineering Goods: $67.48 billion (+9.73%)
- Agriculture: $27.84 billion (+3.5%)
- Pharmaceuticals: $17.05 billion (+8%)
- Electronics: $19.07 billion (+23.69%)
- Smartphones: $10.68 billion (+36.85%)
Spices and Specialty Products
Exports of spices rose 10.4% to $2.47 billion. Introduction of high-yielding varieties like ‘ICRI 10’ strengthened India’s global position.
3. Digital Transformation Initiatives
Trade Connect e-Platform
Launched in September 2024, this single-window platform supports over 6 lakh exporters, connecting them to real-time trade data and expert guidance.
E-BRC System
The self-certified electronic Bank Realisation Certificate (e-BRC) system saves exporters over ₹125 crore annually by streamlining compliance processes.
4. Empowering MSMEs
Bharat Mart in Dubai
Scheduled for 2026, Bharat Mart will serve as a global trade hub, promoting Indian MSMEs across key sectors like electronics and apparel.
E-Commerce Export Hubs
Pilot projects in NCR, Bengaluru, and Mumbai are revolutionizing cross-border trade for MSMEs, offering seamless regulatory and logistical support.
5. Groundbreaking Trade Negotiations
India actively engaged in global forums:
- WTO Ministerial Conference (MC13): Advocated for equitable policies in agriculture and fisheries.
- IPEF Agreements: Focused on clean economy and supply chain resilience, securing leadership roles in key action teams.
6. Sustainability and Innovation
Lab-Grown Diamond Project
The IIT-Madras initiative for lab-grown diamonds is a “Make in India” breakthrough, reducing dependency on imports and boosting indigenous manufacturing.
Organic Farming Certification
Revamped standards under the National Programme for Organic Production (NPOP) are set to increase organic exports beyond $1 billion by 2026.
Conclusion
The Department of Commerce’s 2024 accomplishments underscore India’s dedication to economic growth, sustainability, and global trade integration. From forging transformative FTAs to empowering MSMEs and embracing digital innovation, 2024 set the stage for a prosperous future.