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Indian Updates
India and USA move closer to finalizing the first leg of the trade agreement and addressing reciprocal tariffs
India has announced a development in the ongoing negotiations for finalization of the first phase of its trade agreement with the United States of America. The first tranche is expected by the end of 2025. Both sides have held extensive negotiations virtually to address key issues including market access and tariff concerns. The trade agreement aims to attract investments and enhance cooperation in critical sectors such as technology and energy. India has consistently committed to undertake trade negotiations focused on balanced benefits for both the economies. The USA has also expressed confidence in concluding the negotiations soon. These negotiations are supplemented with another set of negotiations aimed at addressing the possible revocation of the reciprocal tariffs imposed by the USA on India.
India and Bahrain agree to accelerate trade talks for a Comprehensive Economic Partnership Agreement
India and Bahrain have agreed to accelerate negotiations on a Comprehensive Economic Partnership Agreement (CEPA) following the High Joint Commission meeting. Both parties have also initiated talks on a Bilateral Investment Treaty and a Double Taxation Avoidance Agreement to enhance investor confidence. The CEPA aims to support Indian companies in sectors such as manufacturing, logistics, tourism, and healthcare.
India and European Union conclude the trade negotiations for the India-EU Free Trade Agreement
India and the European Union held trade agreement negotiations in November, marking significant progress toward a comprehensive trade agreement. Both sides have agreed to conclude the agreement this year by addressing concerns over the European Carbon Border Adjustment Mechanism and proposed steel regulations. For India, the agreement aims to enhance greater market access for key sectors such as textiles, pharmaceuticals, and IT services, and increased investments in renewable energy, manufacturing, and infrastructure. For the European Union, the agreement provides access to Indian fast-growing consumer markets in high-potential sectors like automotive and chemicals, while creating opportunities in services and digital trade.
India and Israel set to initiate negotiations for a trade agreement
On 20th November 2025, India and Israel signed the Terms of Reference, officially initiating negotiations for a comprehensive Free Trade Agreement. Officials from both the sides have emphasized that the agreement will enhance bilateral investment flows and cooperation in technology and innovation. The Terms outline areas of cooperation such as tariff reduction, reduction in non-tariff barriers, investment facilitation, and promoting trade in services. The agreement is also expected to boost new opportunities in agritech, cybersecurity, defense, and high-tech sectors.
India and the Eurasian Economic Union expected to launch trade negotiations for the Free Trade Agreement
On 26th November 2025, India and the Eurasian Economic Union (EAEU) launched negotiations for a Free Trade Agreement following the signing of Terms of Reference in August this year. The EAEU comprises of Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. The trade talks are expected to aim at expansion of market access for Indian exporters, particularly MSMEs, farmers, and fishermen.
India and New Zealand conclude the fourth round of trade negotiations
India and New Zealand successfully concluded the fourth round of Free Trade Agreement. Both sides reaffirmed their commitment to an early agreement aimed at boosting trade and investment. The negotiations focused on goods, market access, services, and rules of origin. India has maintained its commitment to protect sensitive sectors like dairy and MSMEs, while New Zealand has sought deeper tariff cuts for its agricultural products.
Global Updates
The UAE – Australia Comprehensive Economic Partnership Agreement (CEPA) comes into force
The UAE-Australia CEPA has entered in force with effect from 1st October 2025. The CEPA aims to periodically phase out tariffs on over 99% of Australian exports by value, including exports of frozen red meat, wine, and canola seeds. Other sectors which aim to benefit from the Agreement include automotive, pharmaceuticals, and investment services. The Agreement will eliminate tariffs on exports of furniture, copper wire, glass containers, and plastic from UAE.
The UAE – Malaysia Comprehensive Economic Partnership Agreement officially enters into force
The CEPA between UAE and Malaysia has come into effect on 1st October 2025. The CEPA will eliminate tariffs on over 90% of goods, streamline customs procedures, and enhance market access across key sectors including energy, food production, and logistics. For the UAE, it will strengthen its position as a gateway to the Middle East and Africa, while Malaysia gains improved access to Gulf markets and investment opportunities.
ASEAN and China sign the revised China–ASEAN free trade agreement (CAFTA 3.0)
On 28th October 2025, the ASEAN countries and China signed the expanded ASEAN and China endorsed CAFTA 3.0, during the 28th ASEAN–China Summit. CAFTA 3.0 is an upgrade to the 2002 free trade agreement. The new agreement includes nine additional chapters covering digital economy, green economy, and supply chain connectivity. The Agreement has been introduced amid rising global protectionism and aims to put China at a position of ‘defender' of free trade. CAFTA 3.0 is expected to further integrate the east Asian economies.
USA announces trade agreement with Malaysia and Cambodia and framework agreement with Vietnam and Thailand
Under the terms of the forthcoming trade agreement, Cambodia has committed to fully eliminate tariffs on US goods upon the implementation of the agreement. Malaysia has agreed to eliminate or reduce tariffs on selected US products, with specific reductions applied according to predetermined percentages. In exchange, the United States has committed to cap its tariff rate at no more than 19% on imports from both Malaysia and Cambodia, rather than implementing reciprocal tariff eliminations. Notably, the exports of rare earth materials from Malaysia have not been limited.
The USA along with Vietnam and Thailand, have also separately announced frameworks for reciprocal trade agreements. Under the said frameworks, the USA has capped the tariffs for Vietnam at 19% and for Thailand at 20%. On the other hand, Thailand has agreed to eliminate tariff barriers on nearly 99% of goods, including US industrial, and food and agricultural products. Thailand has committed to accept and fully implement the World Trade Organization Agreement on Fisheries Subsidies.
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