Free Trade Agreement between Eu and India

The European Union and India have taken a decisive step towards a new free trade agreement that would boost trade between the two entities. This would be a significant step for the EU as India is one of the largest and fastest-growing economies in the world, with a population of over 1.3 billion people.

The EU and India have been negotiating a free trade agreement since 2007, but progress has been slow due to differences in regulation and tariffs. However, the two sides have recently shown renewed interest in reaching a deal. India`s Prime Minister, Narendra Modi, met with EU leaders in March 2021 to discuss the agreement.

The free trade agreement would remove barriers to trade between the EU and India, making it easier for businesses to export goods and services. This would benefit both sides, as the EU would gain access to India`s large and growing market, while Indian businesses would gain access to the EU`s large and affluent consumer base.

The agreement would also help to strengthen the strategic partnership between the EU and India. The two sides have a shared interest in promoting democracy, human rights, and the rule of law. A free trade agreement would help to deepen this partnership and promote greater economic cooperation.

One of the key challenges in the negotiations is the issue of tariffs. India has high tariffs on many European products, including automobiles, wine, and spirits. The EU is seeking to reduce or eliminate these tariffs, which would make it easier for European businesses to export to India.

Another challenge is the issue of intellectual property rights. The EU is seeking stronger protections for its copyrights, patents, and trademarks in India. The two sides are also discussing ways to promote greater cooperation on environmental and labor standards.

Overall, a free trade agreement between the EU and India would be a significant development for both sides. It would promote greater economic cooperation and provide new opportunities for businesses on both sides. With negotiations ongoing, it remains to be seen whether a deal can be reached, but the renewed interest in reaching an agreement is encouraging for both the EU and India.