New Delhi11 minutes ago
- Copy link
On May 1, Commerce and Industry Minister Piyush Goyal visited Brussels to assess the FTA conversation progress.
India and European Union (EU) will start a 11th round of talks on the proposed Free Trade Agreement (FTA) from Monday (May 12). The purpose of this conversation is to complete the first phase of the agreement as soon as possible. A government official has informed the news agency PTI about this.
The European Union team will come to Delhi for the 11th round of talks. This conversation will run till 16 May. Both sides have agreed to finalize this agreement in two phases.
The initial phase of the agreement will include areas where already agreed. The target has been kept to complete the second phase by the end of this year.
Issues like Goods-Services were discussed in 10 rounds
In the previous 10 rounds of conversation, issues like goods, services, investment and market access to government procurement were discussed. India has adopted a similar two-phase conversation strategy in its trade deal with Australia and is adopting the same approach in a conversation with the US.
EU wants to deduct tax on automobile-medical devices
The European Union is demanding a huge reduction in tax on automobiles and medical devices under this FTA. It is also demanding tax cuts on products like wine, spirit, meat and poultry. At the same time, EU is also advocating intellectual property rights Rezim.
If FTA success is complete, Indian exports such as readymade garments, pharmaceuticals, steel, petroleum products and electrical machinery will become more competition in the European Union market.
On May 1, Piyush Goyal visited Brussels with FTA
On May 1, Commerce and Industry Minister Piyush Goyal visited Brussels to assess the FTA conversation progress. Negotiations began in June 2022 following an eight -year break between India and 27 members European Union.
Dialogue stopped in 2013 due to disagreement on the market liberalization range of market liberalization. On February 28, Prime Minister Narendra Modi and the President of European Commission had said to complete the trade agram by the end of 2025.
India and European Union FTA conversation included 23 chapters
The FTA negotiations of India and the European Union have included 23 chapters. In which Goods Trade, Service Trade, Investment, Sanitary and Phytocenritory, Technical Barriers, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defense, Government Procurement, Dispute Settlement, Intelligent Provision, Intelligent Provision, Intelligent Provision, Ji Ki Ki Ki Ri Indication and Sustainable Development are also included.
Bilateral trade stood at $ 137.41 billion in 2023-24
India’s bilateral trade i.e. bilateral trade in Goods with the European Union in 2023-24 reached $ 137.41 billion (Export: $ 75.92 billion; Import: $ 61.48 billion). Due to which the European Union became India’s largest trading partner in goods.
EU is about 17% in Total Exports in India
The European Union accounts for about 17% in Total Exports in India. At the same time, India accounts for about 9% of the Total Exports of the European Union. The bilateral trade of services between the two countries reached $ 51.45 billion in 2023.
Apart from FTA, India and European Unions are also interacting on an investment protection agreement and an agreement on Geographical Indication (GIS). On May 6, India and the United Kingdom (UK) announced the conclusion of the Free Trade Agreement negotiations.
Read this news too …
UK’s luxury cars in India- branded clothes will be cheap: Both countries signed free trade agreement, PM Modi said- this is a historical achievement
UK luxury cars, branded clothes and footwear can be cheap in India. Today, i.e. on Tuesday 6 May, India and UK have signed the Free Trade Agreement (FTA). The agreement was finalized after 14 rounds of talks.
After this agreement, imported whiskey and India’s tariff will be reduced from 150% to 75%. Later it will be reduced to 40% by tenth year of the agreement. At the same time, the tariff on automotive will come down from 100% to 10%. Read full news …
Source link
[ad_3]
