India and EU Discuss Progress of Proposed Free Trade Agreement
New Delhi, Feb 28 (PTI) – India and the European Union (EU) are making strides in their negotiations for a proposed free trade agreement (FTA) aimed at enhancing two-way commerce and investments. The discussions took place during a meeting between Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security, Maros Sefcovic.
Candid Discussions on Trade Relations
Goyal shared insights on their breakfast meeting via a post on X, expressing enthusiasm about the future of India-EU trade relations. “Exciting times ahead as we work towards elevating our trade and investment ties to the next level as trusted partners,” he stated.
Upcoming Negotiation Rounds
This meeting is particularly significant as both parties prepare for the tenth round of FTA negotiations scheduled for March 10-14 in Brussels. The previous rounds have addressed various trade issues, including goods, services, investment, and government procurement.
Strengthening Economic Ties
With the current global economic uncertainties, strengthening economic ties between India and the EU is more important than ever. In FY24, bilateral trade in goods reached USD 137.41 billion, with India exporting USD 75.92 billion to the EU, making it India’s largest trading partner.
Key Areas of Focus
The agreement is not just about reducing tariffs; it’s also about securing data protection status for India’s IT sector and addressing the EU’s demands for duty cuts in sectors like automobiles and wines. If successful, Indian exports, including pharmaceuticals and ready-made garments, will gain a competitive edge in the EU market.
Conclusion
As India and the EU work towards finalizing this FTA, the potential for increased trade and investment is promising. For those looking to stay ahead in the evolving market landscape, visit Looffers.com for the latest deals and opportunities. Together, let’s support India’s growth in the global economy!
