India, EU resume free trade talks after 9-year lull
Tags: International News
As per the Ministry of Commerce and Industry India and the European Union (EU) have resumed free talks for free trade agreement (FTA) after a nine years lull.
Negotiations were resumed on 17 June at an event held at the European Union Headquarters in Brussels.
India's Commerce and Industry Minister Piyush Goyal, and Valdis Dombrovskis, Executive Vice-President of the European Commission, formally re-launched the India-EU Free Trade Agreement (FTA) negotiations.
The first round of India-EU Free Trade Agreement talks is scheduled to begin in New Delhi on June 27.
In addition, negotiations for an Investment Protection Agreement (IPA) and a Geographical Indication (GI) agreement were also initiated.
This will be one of the most important FTAs for India as the EU is its second largest trading partner after the US.
India and the European Union (EU) trade
India-EU trade registered an all-time high of $116.36 billion in 2021-22, registering a year-on-year growth of 43.5%.
India's exports to the EU grew by 57% to $65 billion in FY 2021-22.
India has a surplus trade with the EU.
European Union (EU)
It is an international organisation made up of European countries, which was formed in 1993.
It is a group of 28 countries that act as a cohesive economic and political bloc.
19 of these countries use the euro as their official currency.
9 EU members -Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, and the United Kingdom do not use the euro.
Its goal is to promote peace and the well-being of all citizens of the EU.
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