CURRENT AFFAIRS

Detailed explanation-1: -Formal negotiations for their bilateral FTA, called the India-UAE Comprehensive Economic Partnership Agreement (CEPA), began September 2021. The two countries wanted to conclude talks by December 2021 and close the deal by March 2022.

Detailed explanation-2: -Within Asia, India has signed bilateral FTAs with Sri Lanka (1998), Afghanistan (2003), Thailand (2004), Singapore (2005), Bhutan (2006), Nepal (2009), Korea (2009), Malaysia (2011) and Japan (2011).

Detailed explanation-3: -Did you know that India and Australia have entered into an Economic Cooperation and Trade Agreement? Yes, the #IndAusECTA was signed last year, on 2nd April, 2022; after Ratification and Exchange of Written Instruments, the Agreement has come into force on 29th December 2022.

Detailed explanation-4: -The Australia-India Economic Cooperation and Trade Agreement was signed by then Minister for Trade, Tourism and Investment Dan Tehan and India’s Minister of Commerce and Industry, Consumer Affairs and Food, and Public Distribution and Textiles of India Piyush Goyal on 2 April 2022.

Detailed explanation-5: -Expansion of India-MERCOSUR PTA – Through IBSA Declaration made by the Heads of India, Brazil and South Africa in 2006, it was agreed that India-MERCOSUR PTA would be expanded by increasing the number of products covered and increasing the tariff concessions agreed by each side.