Eu Trade Agreement India
An investment protection pact will be included in the proposed free trade agreement between India and the EU, which will take place at high level on 14 April in Brussels. NEW DELHI (Reuters) – India has begun trade negotiations with the European Union (EU) and is open to dialogue with the Uk for a free trade agreement, The trade minister said on Saturday, Asia`s third-largest economy seeking new markets for its products. “India and the EU have been in talks for some time on this broad trade and investment agreement,” he said. “But since 2013, these negotiations have not really taken place. At present, India`s trade regime and regulatory environment remain relatively restrictive. Technical barriers to trade (OTC), health and plant health measures (SPS), deviations from international standards and agreements, and discrimination based on India`s legislative or administrative measures affect a wide range of sectors, including goods, services, investment and public procurement. The EU is India`s largest trading partner, with two-way trade of $115.6 billion (101.3 billion euros) over the 2018-19 period. There is now a new Trade Commissioner. He has written to our honourable Minister of Trade and Industry (Piyush Goyal) and the discussions are decencyed that he will soon hold a meeting of the high-level mechanism,” he said.
At the India-EU summit in July, Prime Minister Narendra Modi called for a further strengthening of relations with the EU, separating several areas of common interest, including trade, investment and climate change. “India cannot afford to have the Bombay Club that existed in the early 1990s, it is necessary to stay connected to other countries, including trade and economic cooperation,” said Sanjaya Baru, an economist and media advisor to former Prime Minister Manmohan Singh, previously. The Bombay Club was made up of renowned Indian industrialists who, in 1993, supported the process of economic liberalization in order to create protection and measures for a level playing field. In his speech on EU-India economic growth on Wednesday, Trade and Industry Minister Piyush Goyal said India hoped to work with the EU on a free trade agreement, “perhaps starting with a preferential trade agreement for an early harvest to achieve faster results,” he said in an official statement. No more concrete roadmap has been announced for the upcoming trade and investment negotiations. Swadeshi Jagran Manch, close to the RSS, did not speak out in favour of multilateral trade agreements. Instead, it was said that India should focus on strengthening the atmanirbhar India board. For more information on the EU-India strategic partnership, including trade and investment, see the EU`s new india strategy, adopted on 20 November 2018, as well as the Council`s conclusions.
Following an online summit between the European Union and India, the two powers announced the opening of a “high-level dialogue” on investment and trade. The details of a possible free trade pact remain uncertain. The EU is of major strategic importance to India and was New Delhi`s largest trading partner in 2018 (as a bloc). India`s bilateral trade with the EU was $115.6 billion in 2018/2019, with exports amounting to $57.17 billion and imports at $58.42 billion. Trade in services was estimated at $40 billion, with India running a small surplus. “The high-level dialogue will aim to promote progress in trade and investment agreements, address trade policy issues, improve conditions for distributors and investors on both sides, and discuss supply links,” he said in a joint statement after the talks.