After 8 years, talks on free trade agreement with Europe resume, important meeting will be held in Delhi on June 27

Negotiations started again with the European Union regarding a free trade agreement.

Image Credit source: PTI

After eight years, talks have started again in the direction of a free trade agreement between India and the European Union. Europe is the second largest trade partner of India and the special thing is that India is in trade surplus with it.

commerce minister Piyush Goyal ,Piyush Goyal) is currently in Brussels, Belgium. He attended the meeting of ministers of the member countries of the World Trade Organization. Once again the Free Trade Agreement between India and the European Union (Free Trade Agreement) talks have started. India and the European Union (EU) on Friday resumed talks for a trade and investment agreement after a gap of more than eight years. Balanced and Comprehensive Trade Agreement by India and the European Union (Trade AgreementThe talks have taken place in the Belgian capital, Brussels, a year after the announcement of the resumption of talks for .

EU Trade Commissioner Valdis Dombrowski said in a tweet, “The EU is pleased to announce that the EU and India have once again formally started negotiations for a Free Trade Agreement. Is. I am pleased to welcome Minister Piyush Goyal to Brussels today for talks.

Important meeting will be held in Delhi on June 27

In the information released by the Ministry of Commerce, it was said that apart from the free trade agreement, talks are also being held in the direction of Standalone Investment Protection Agreement and Geographical Indicators Agreement. The first meeting under the Free Trade Agreement will be held in Delhi on June 27. It is very important for India because the European Union is the second largest trade partner of India after America.

57% jump in India’s exports

Merchandise trade between India and Europe stood at $116.36 billion in the financial year 2021-22. It registered a jump of 43.5% on a yearly basis. India’s European exports registered a jump of 57 percent and stood at $ 65 billion. India has a trade surplus with Europe which is very good news.

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Target to complete talks by 2023

Valdis Dombrowski said that talks have increased again in the direction of FTA with India, which is good news. The target is to finalize the talks by the end of 2023. Our efforts will not be just for economic growth and job creation. Our focus will also be on the value share between two different cultures. Piyush Goyal said that under the trade agreement, we will take help in technology from Europe, while India will contribute in such a sector where labor force is needed more.