India Free Trade Agreement Eu

One of the main reasons why India has not lost in its traditional markets such as the United States and the EU is the number of trade complementarities with these partner countries. Major U.S. imports from around the world include, for example, machinery, mineral fuels, pharmaceuticals, organic chemicals, gems and jewelry, furniture, etc., which are also India`s main export products. The EU is India`s largest trading partner, accounting for 11.1% of India`s total trade, on an equal footing with the United States and China (10.7%) ». We are confident that free trade agreements with the EU and the US will benefit India and that talks will resume,” said Gopal Krishna Agarwal, national spokesman for the Bharatiya Janata Party for Economic Affairs. “India is not opposed to trade agreements with other countries, although now, it seems, after the release of the RCEP, the popular idea is that we understand the need to remain integrated at the global and regional level,” Agarwal added. No more concrete roadmap has been announced for the upcoming trade and investment negotiations. Negotiations for a comprehensive free trade agreement between the EU and India began in 2007 and suspended in 2013, with ambitions between the EU and India lacking. The EU remains committed to working towards an ambitious, comprehensive and balanced free trade agreement with India, which meets the best interests of each side and is a win-win. However, in this context, exacerbated by the fact that most countries are cautiously following their trade strategy, India must focus on far-reaching free trade agreements with trading partners that offer maximum trade complementarities, particularly in the United States and the EU.

In the United States, our untapped export potential as a percentage of current exports is around 60%, compared to 90% for the EU. India, which has not signed a trade agreement since 2012, will soon resume talks on a possible free trade agreement with the European Union and the United States. Even when the Narendra Modi government withdrew from the Comprehensive Regional Economic Partnership (RCEP), it is eager to enter into trade agreements with other economic blocs, said a leading source, adding that India could clearly gain amid growing anti-Chinese sentiment in many parts of the world. Read more: India-EU summit focuses on coronavirus, tricky trade issues “India cannot afford to have the Bombay Club that existed in the early 1990s, it is necessary to remain linked to other countries, including trade and economic cooperation,” said Sanjaya Baru, 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. India is one of the world`s fastest growing major economies and an important player in global economic governance.

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