India and the EU agree to push for the conclusion of the free trade pact this year
Current Hunt Team
India and the EU agree to push for the conclusion of the free trade pact this year.
European Commission President Ursula von der Leyen said on 28 February that an agreement had been reached between Indian PM Narendra Modi and the European Union to push for the conclusion of a free trade pact this year.
She called for an “ambitious” trade and investment agreement that could cover everything from batteries and pharmaceuticals to semiconductors, clean hydrogen, and the defense industry.
India-EU free trade agreement talks resumed in 2021 after being stalled for eight years and now cover issues ranging from investment protection to geographical indications.
The European Union is India’s largest trading partner in goods, with two-way trade growing by nearly 90% in a decade to $137.5 billion in fiscal year 2023-24.
The EU wants India to reduce tariffs on imported cars, whisky, and wine by more than 100%, while India wants greater access to the EU market for its cheaper medicines and chemicals.
India also wants lower tariffs on its exports of textiles, apparel, and leather products.
