Although India has concluded Free Trade Agreement (FTA) with the European Union after a 20-year period, it is working on other trade deals, the officials said, indicating that some more could be concluded this year or in 2026.

“Discussions with the United States for a bilateral trade agreement continue in a very cordial and good atmosphere,” they said while declining to give a timetable on when the deal would be signed.

Negotiations are ongoing with Israel and GCC countries for FTAs, the source said, adding that Canada has also expressed a desire to fast-track its trade deal with India. Commerce and Industry Minister Piyush Goyal is likely to travel to Canada in the third week of February to take forward the negotiations, commerce ministry sources said.

Meanwhile, the TLC with Chile is also nearing completion and is likely to accelerate after the presentation of the Union Budget.

The India-ASEAN FTA review is also underway and “is taking shape,” an official said, adding that discussions with MERCOSUR on the trade pact will begin soon and the scoping study has just begun.

“India is happy and willing to expand trade agreements, and we are looking carefully at each FTA,” the source said, adding that as of now, it is difficult to estimate how much exports will grow due to these agreements.

In recent months, India has already signed four FTAs. The trade pact with Oman, which was signed in December, is likely to be the first to enter into force. The FTA with New Zealand, which was also concluded in December 2025, is undergoing legal review and will be approved by Parliament soon.

In the Comprehensive Economic and Trade Agreement with the United Kingdom, which was signed in July 2025, the legal cleaning of the text has been completed and the social security agreement is being finalized. It will then be taken to the UK Parliament for approval, the sources said.