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What is the News?
India and the European Union have concluded the first round of negotiations for India-EU Trade and Investment Agreements including the Geographical Indicators (GI).
About India-EU Trade Talks
India started negotiations for a trade pact with the European Union(EU) in 2007. But the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits, and the movement of professionals.
Now the talks have resumed again. The negotiations for a balanced and comprehensive trade pact shall be split into three agreements on Trade, Geographical indications(GIs) and Investment.
|Read more: Why India-EU trade pact is still difficult to achieve?|
What is the current bilateral trade between India and the EU?
India’s bilateral trade with the EU amounted to USD 116.36 billion in 2021-22. Despite the global disruptions, bilateral trade achieved impressive annual growth of 43.5% in 2021-22.
Currently, the EU is India’s second-largest trading partner after the US and the second-largest destination for Indian exports.
Significance of Trade Agreement with EU
The trade agreement with the EU would help India in further expanding and diversifying its exports of goods and services, including securing the value chains.
|Read more: India and EU comprehensive free trade deal to be finalized by 2024|
Source: The post is based on the article “India-EU concludes 1st round of negotiations for India-EU Trade and Investment Agreements” published in PIB on 3rd July 2022.