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India is actively engaged in ongoing FTA negotiations with multiple countries and blocs, including Oman, the UK, the EU, Canada, and various Indo-Pacific Economic Framework (IPEF) partner countries. The negotiations focus on market access, compliance with environmental and labour standards, and the reduction of high import duties. India currently has 13 functional FTAs and aims to tap into the large and rapidly growing market of 1.4 billion people. The apparel sector expects game-changing opportunities with FTAs with the UK and the EU, while the gem and jewellery sector anticipates a significant boost in exports through an FTA with the EU. FTAs have become the mainstay of India s trade policy, offering both economic gains and geostrategic dividends. ....
The government is hoping to diversify India s import basket in terms of essential metals and minerals by entering into a trade agreement with Peru ....
In addition, the two countries are also working to iron out differences on issues like intellectual property rights (IPR) and rules of origin and some differences in the services sector under the FTA negotiations, the official said. ....