Mint Primer: Why India must trade up to be a $30 tn economy

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India’s deal with the four-nation EFTA or European Free Trade Association may not see a huge jump in trade. But it’s important for another reason. Mint looks at the significance of free trade agreements for India going forward. How significant is the India-EFTA trade deal? Unlike a possible deal with the European Union (EU) or the US, India’s largest trading partners, the India-EFTA deal is unlikely to boost bilateral trade by much. In the January-December 2023 period, India’s exports to EFTA, which comprises Iceland, Norway, Liechtenstein and Switzerland, was just $1.87 billion. Its imports were $20.45 billion but if you...