To fast-track free trade agreement (FTA) negotiations with several countries like the UK, Australia, the European Union, and Canada, India is keen to conclude an “early harvest” trade deal with some of these countries. What are FTAs and other types of trade agreements? arrangements between two or more countries or trading blocs that primarily agree to reduce or eliminate customs tariff and non-tariff barriers on substantial trade between them. FTAs cover trade in goods (such as agricultural or industrial products) or trade in services (such as banking, construction, trading etc.), but can also cover other areas such as intellectual property rights (IPRs), investment, government procurement etc. Preferential Trade Agreement (PTA) : In a PTA, two or more partners agree to reduce tariffs on agreed number of tariff lines. For example, India MERCOSUR PTA. Comprehensive Economic Cooperation Agreement (CECA) and Comprehensive Economic Partnership Agreement (CEPA): agreements which consist ...