India's imports of goods from countries with which it has a free trade agreement like the UAE, South Korea, and Australia grew about 38 per cent during 2019-24 fiscal years to USD $187.92 billion, according to think tank GTRI. On the other hand, the country's exports to the FTA (free trade agreement) partners rose 14.48 per cent to USD $122.72 billion in 2023-24 from USD $107.20 billion in 2018-19. "From FY '2019 to FY '2024, India's imports increased by 37.97 per cent, from USD $136.20 billion to USD $187.92 billion. This growth highlights the significant and varied impact of free trade agreements on India's global trade dynamics," the Global Trade Research Initiative data showed. According to the data, India's exports to the UAE increased by 18.25 per cent to USD $35.63 billion in 2023-24 as against USD $30.13 billion in 2018-19, while imports surged 61.21 per cent, from USD $29.79 billion in FY ’2019 to USD $48.02 billion in the last fiscal. The FTA between India and the UAE came into effect in May 2022. Similarly, the country's exports to Australia, with which the interim trade pact came into force in December 2022, more than doubled to USD $7.94 billion in 2023-24 from USD $3.52 billion in 2018-19. Imports from Australia grew 23.06 per cent from USD $13.13 billion to USD $16.16 billion in the last fiscal. Exports to the 10-nation Southeast Asian bloc ASEAN increased by about 10 per cent to USD $41.21 billion in the last fiscal from USD $37.47 billion in FY '2019. Imports jumped by 34.3 per cent from USD $59.32 billion to USD $79.67 billion. The data showed that India's outbound shipments to South Korea rose by 36.38 per cent during the last five fiscal years from USD $4.71 billion to USD $6.42 billion, and imports increased by 26.12 per cent from USD $16.76 billion to USD $21.14 billion. India and South Korea's comprehensive economic partnership agreement came into force in 2011. Exports to Japan showed a modest increase of 6.06 per cent, from USD $4.86 billion in 2018-19 to USD $5.16 billion in 2023-24, while imports rose by 38.56 per cent from USD $12.77 billion to USD $17.70 billion. India-Japan FTA was implemented in 2011. Overall, India ranked 17th globally in exports, with a 1.8 per cent share in world trade. On the import front, the country is ranked 8th, holding a 2.8 per cent share in global trade. India's merchandise exports in 2023-24 fell 3.11 per cent to USD $437.1 billion, while imports declined by 5.4 per cent to USD $677.2 billion in the last fiscal. Mr. Ajay Srivastava is the co-founder of GTRI. He took VRS from the Government of India in March 2022. He was an Indian Trade Service officer with experience in trade policy making, WTO and FTA negotiations. (ICE NEW DELHI)

Fonte notizia: Economic Times