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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