New Delhi: The proposed free trade agreement with the European Union, when implemented, will provide greater market access to several domestic sectors such as textiles, leather and sporting goods in the EU market, the Minister of Commerce and Industry said. Piyush Goyal Said on Monday.
After a hiatus of more than eight years, India and the European Union on 17 June formally resumed negotiations for agreements on trade, investment and Geographical Indication (GI).
The next round of talks will be held here from June 27 to July 1.
India began negotiations for a trade deal called the Bilateral Trade and Investment Agreement (BTIA) with the 27-nation economic bloc in 2007, but talks stalled in 2013 as the two sides were unable to reach an agreement on key issues, including customs. failed. Duties on automobiles and spirits, and movement of professionals.
Goyal said the European Union is a huge market with 27 countries that are prosperous. It is one of the largest trading bloc holding a major share of the world market.
“We believe that this will open the doors of our garments, leather, pharma, sporting goods, some agricultural products, handicrafts, handloom. All of them will get a huge market. Our exports will increase,” he told reporters here.
The European Union, he said, has strengths in modern technologies, high-end precision instruments and “we will get the benefits of their modern techniques”.
In the service sector also, both sides will get an opportunity to support each other and expand business.
“We will get a huge inflow of investment from Europe. It will be a win-win for both the countries,” he said.
Indians export of goods The number of EU member states stood at around $65 billion in 2021-22, while imports totaled $51.4 billion.
A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) that originates from a certain geographical area.
FacebookTwitterinstagramKu APPyoutube