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The world economy has seen a significant shift towards globalization in recent years, and free trade agreements have played a vital role in facilitating cross-border trade. India, one of the fastest-growing economies in the world, has also been actively negotiating free trade agreements with other countries.

Free trade agreements (FTAs) are agreements between two or more countries that reduce or eliminate tariffs and other trade barriers for goods and services. These agreements also aim to promote investments, intellectual property rights, and economic cooperation between the countries.

India has signed several free trade agreements with different countries, including Japan, South Korea, ASEAN (Association of Southeast Asian Nations), and several others. However, India`s proposed free trade agreement with the European Union and the United States has been facing challenges due to various reasons.

The proposed trade agreement between India and the European Union, known as the India-EU Bilateral Trade and Investment Agreement (BTIA), has been under negotiation since 2007. The agreement aims to boost trade and investments between India and 27 EU member states by reducing tariffs, improving market access, and addressing regulatory barriers. However, the negotiations have been stalled due to several issues, including the EU`s concerns over India`s human rights record, data privacy laws, and other regulatory issues.

Similarly, India`s proposed free trade agreement with the United States, known as the US-India Free Trade Agreement (FTA), has also been facing challenges. The negotiations on this agreement began in 2007 but were suspended in 2013 due to a lack of progress. The main issues that led to the suspension of negotiations were related to India`s intellectual property rights laws, agricultural trade, and market access for US companies.

Despite these challenges, India has been actively pursuing free trade agreements with other countries like the Comprehensive Economic Cooperation Agreement (CECA) with Singapore, which was signed in 2005, and the ASEAN-India FTA, which was signed in 2009. These agreements have helped India increase its trade and investments with these countries and have also strengthened its economic ties with them.

In conclusion, free trade agreements are essential for promoting cross-border trade, increasing investments, and strengthening economic ties between countries. India has been actively negotiating free trade agreements with several countries, but the proposed agreements with the European Union and the United States have faced challenges due to various reasons. However, India`s successful implementation of FTAs with other countries like Singapore and ASEAN proves that it is committed to promoting free trade and investments with its trading partners.