The India-EU Free Trade Agreement (FTA) has been in negotiations for several years, and according to Union Minister Piyush Goyal, it could be concluded before the end of the year. Goyal, who is the Minister of Commerce and Industry, expressed confidence that the agreement would be finalized soon, bringing significant benefits to both India and the European Union.
The India-EU FTA aims to reduce trade barriers and increase economic cooperation between the two regions. The agreement would cover a wide range of areas, including goods, services, investment, and intellectual property rights. The FTA is expected to increase bilateral trade between India and the EU, which currently stands at around $115 billion.
Goyal stated that the negotiations are progressing well, and both sides are working to resolve the remaining issues. He emphasized that the agreement would be a “win-win” for both India and the EU, as it would provide greater market access and increase economic opportunities. The minister also highlighted the importance of the agreement in promoting economic growth, job creation, and poverty reduction in India.
The India-EU FTA has been in negotiations since 2007, but the talks have faced several hurdles, including disagreements over issues such as tariffs, services, and intellectual property rights. However, in recent months, there has been a renewed effort to conclude the agreement, with both sides expressing a willingness to compromise and find mutually acceptable solutions.
If concluded, the India-EU FTA would be one of the largest trade agreements in the world, covering over 1.7 billion people and a combined GDP of over $22 trillion. The agreement would also provide Indian businesses with greater access to the EU market, which is one of the largest and most lucrative in the world.
Overall, the conclusion of the India-EU FTA would be a significant achievement for both sides, promoting economic cooperation, trade, and investment between two of the world’s largest economies. With Goyal’s optimistic statement, it seems that the agreement may finally be within reach, and could be concluded before the end of the year. This would be a major boost to India’s economy, and would help to promote economic growth, job creation, and poverty reduction in the country.