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Economy
Mahesh

19/06/22 08:56 AM IST

India-EU Free Trade Agreement

In News 
  • In a joint event held at the Headquarters of the European Union (EU) recently, Union Minister for Commerce and Industry, and Mr. Valdis Dombrovskis, Executive Vice-President of European Commission formally re-launched the India-EU Free Trade Agreement (FTA) negotiations. 
About FTA 
  •  Both partners are now resuming the FTA talks after a gap of about nine years since the earlier negotiations were left off in 2013 due to difference in the scope and expectations from the deal.
  • This would be one of the most significant FTAs for India as EU is its second largest trading partner after the US.
  • The India-EU merchandise trade has registered an all-time high value of USD 116.36 Billion in 2021-22 with a year-on growth of 43.5%. 
  • India’s export to the EU jumped 57% in FY 2021-22 to $65 billion.  India has a surplus trade with EU.
Other Agreements 
  • The proposed IPA would provide a legal framework for cross-border investments to enhance the confidence of investors.
  • The GI pact is expected to establish a transparent and predictable regulatory environment, to facilitate trade of GI products including handicrafts and agri-commodities.
  • Both parties are aiming to negotiate all the three agreements in parallel and conclude them simultaneously.

Source- PIB 

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