New Delhi: Minister of Commerce and Industry Ministry – Piyush Goyal on Monday said, “The proposed free trade agreement with the European Union, when implemented, will provide greater market access for several domestic sectors such as textiles, leather, and sports goods in the EU market,”
Minister Goyal told reporters that, “the EU is a large market with 27 countries which are prosperous. It is one of the largest trading blocs, having a big share of the world’s market. It will open the doors, we believe, to our textiles, leather, pharma, sports goods, some agri products, handicrafts, and handlooms. All this will get a bigger market. Our exports will increase,”
India is constantly trying to develop good trade relations with all countries, and in the last few years, India has developed strategic trade relations with many countries. The EU and India are already major trading partners, with an annual trade of 120 billion Euros. The EU is India’s third largest trade partner, accounting for almost 11 percent of Indian trade in 2021. India is the EU’s 10th most important trading partner, accounting for just over 2 percent of EU trade in 2021.
“EU has strength in modern technologies, high-end precision equipment and we will get the benefit of their modern technologies. We will get a larger flow of investments from Europe. It will be a win-win for both the countries,” Piyush Goyal said on the trade relations of India with Europe.
After a gap of over eight years, India and the EU on June 17 formally resumed negotiations for agreements on trade, investments, and Geographical Indications (GI). The next round of negotiations will take place from June 27 till July 1 here.
India had started negotiations for a trade pact, dubbed the Bilateral Trade and Investment Agreement (BTIA), with the 27-country economic bloc 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.
India’s merchandise exports to EU member countries stood at about USD 65 billion in 2021-22, while imports aggregated to USD 51.4 billion.
(Vinayak)
