Trade agreement between India, EU will open up new possibilities, strengthen economic ties: Goyal

Agreement with EU will provide new opportunities

Earlier talks between India and the EU started in 2007, but when the two sides could not reach an agreement on many important issues like customs duty on vehicles, 2013 talks came to a standstill.

The Minister of Commerce and Industry of India and the European (EU) Union formally resumed negotiations on the proposed agreements on trade, investment and Geographical Indications (GI). Piyush Goyal ,Piyush Goyal) said in Brussels that the implementation of these agreements would help to unleash a significant hitherto untapped potential that would help boost economic ties between the two regions. India and EU (European union) resumed formal talks on the proposed agreements after more than eight years from June 17. Goyal said that he is here to resume talks on a fair, equitable and balanced Free Trade Agreement (FTA) between India and the EU. This will further strengthen our ties, he told reporters. Our bilateral trade has grown significantly in the last few months. The possibilities that have remained untouched till now will emerge from the implementation of these three agreements. These three agreements are related to trade, investment and GI

talks resumed after 2013

India had started talks with the 27-nation economic organization European Union on a trade agreement Bilateral Trade and Investment Agreement (BTIA) in 2007, but in 2013 when the two sides could not agree on many important issues like customs duty on vehicles. This conversation stalled. When asked about the important demands of the Indian side, Goyal said that India wants to engage with the world with modern products and its focus is on such areas where it wants to earn profit in terms of new technology and investment. . European Commission Executive Vice President Valdis Dombrowskis said both sides wanted an ambitious and comprehensive FTA. He told that the next round of talks will be held in New Delhi and it will run from June 27 to July 1. Our aim is to complete the talks by the end of 2023.

At present, India has a turnover of 120 billion euros in the EU.

India and the European Union are already major trading partners with an annual trade of 120 billion euros between them. The EU is the third largest trading partner for India and accounted for around 11 per cent of the total Indian trade in 2021. India is the 10th important trading partner for the EU and in 2021 India’s share in total EU trade was a little over two per cent.

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