India has signed Free Trade Agreements (FTA) with a number of trading partners, including small countries.
These agreements provide opportunities for exports to these trading partners at preferential duties, the ministry stated on 11th December.
As per Schedule – 2 of Indian Trade Clarification (Harmonised System) Export Policy, 2018, all commodities / items have been categorized into three categories namely
- prohibited; and
Barring a few items, all items are free for export. However, Free exportability is subject to any other law for time being in force.
While prohibited items are not allowed for export, items which fall under restricted category are permitted for export subject to export authorization issued by Directorate General of Foreign Trade.
Export could be made to any country, except as restricted under the Foreign Trade Policy 2015-20, as per international obligations/United Nations Security Council embargo.
The annual exports to the FTA partners, including small countries, over the last 3 years, are as follows;
India’s Exports to the FTA partners, including small countries, over the last 3 years
(in USD billion)
|Association of South East Asian Nations (ASEAN)||31.0||34.2||37.5|
|South Asia Free Trade Area (SAFTA)||19.2||23.1||25.3|