The India and the European Union (EU) They began this Monday a seventh round of talks for a free trade agreement (FTA), one of the most complex currently being negotiated with the Asian country due to the complexity of the barriers and the size of the economies.
An EU spokesperson in New Delhi informed EFE of the start of these talks, which will take place until February 23 in the Indian capital in the presence of the chief negotiators of both groups.
The talks aim to alleviate the tariff pressure that weighs on EU products in the Asian country and encourage exports, especially from smaller companies.
Lowering trade barriers is one of the EU’s demands against the restrictive “Make in India” policy promoted by the Asian nation to reverse its unbalanced balance of payments by promoting manufacturing and local consumption.
In June 2022, the EU resumed negotiations to reach a Free Trade Agreement (FTA) with India, after talks were interrupted in 2013 after six fruitless years.
Around the same time, both countries launched an investment protection agreement and an agreement on geographical indicators (GI).
The EU is India’s third largest trading partner, behind the United States and China, and accounted for €88 billion in goods trade in 2021, or 10.8% of India’s total trade, according to bureau data. of Trade of the European Commission.
For its part, India is the EU’s tenth trading partner and represents 2.1% of the EU’s total trade in goods, according to the same data.
Source: Gestion
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