India's new trade pacts open duty-free access for electronics, agriculture, and gems

Eight new free trade agreements signed in the last five years have opened duty-free market access worth $982 billion in electronics, $631 billion in agriculture, and $442 billion in gems and jewellery for Indian exporters, according to a commerce ministry analysis. The pacts cover the UK, UAE, Oman, Australia, the European Free Trade Association, and Mauritius, with deals involving New Zealand and the EU not yet operational. India's share of EU and UK imports remains low at 1.23% and 1.88%, respectively, highlighting growth potential. Officials cite market diversification beyond traditional destinations as key to export resilience, reducing dependence on limited markets. India's goods exports to the UAE rose to $37.3 billion in FY26 from $28 billion in FY22, though exports to Australia fell to $7.3 billion from $8.3 billion.