India, May 20 -- Free Trade Agreements (FTAs) are selective international trade agreements that offer preferential tariff concessions to member nations while excluding non-members. FTAs do not entirely eliminate trade protectionism but naturalise opportunities according to the economic needs of participating countries. Successful examples like NAFTA and the Vietnam-UK FTA (UKVFTA) demonstrate that calculated trade-offs between trade creation and diversion, complementary trade profiles, and efficient domestic supply chains, required to counter import competition, are essential features of a mutually beneficial FTA.

Agriculture and allied sectors employ nearly half of the Indian population and contribute 16-18% to the national GDP, making ...