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new Delhi5 hours ago
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In 2013, the FTA was heavily negotiated with the EU. But this conversation has come to a close after differences on several issues.
- EU India’s largest trade partner with 11.1% stake
- Trade agreement with other countries is necessary after exit from RCEP
India has not made any trade agreements since 2012. In such a situation, India can again start talks with the European Union (EU) and the US on a possible Free Trade Agreement (FTA). After being excluded from the Regional Comprehensive Economic Partnership (RCEP), the Modi government is keen to trade deals with other economic blocks. According to a high-level source, India is expected to benefit from the anti-China sentiment being built in different parts of the world.
European Union India’s largest trade partner
The European Union is India’s largest trade partner. It has a total 11.1% stake in Indian Train. It is followed by the US and China. They both hold 10.7% stake in Indian trade. On economic matters, Bharatiya Janata Party national spokesperson Gopal Krishna Agarwal said that we are positive that India will benefit from the Free Trade Agreement with European Union-America and negotiations will start soon. He said that India has never opposed trade agreements with other countries. Now that India is out of the RCEP, it is very important.
Negotiations with the EU on FTA closed in 2013
In 2013, the FTA was heavily negotiated with the EU. But this conversation has come to a close after differences on several issues. Many Asian countries are looking at trade deals from Western countries. Vietnam has already done several deals under the name Vietnam One. It is emerging as a big competition for many economies. Vietnam has also had trade with the EU. The President of the European Commission said in a statement that the European economy wants to take advantage of every opportunity for strengthening after the Coronavirus crisis.
India should not waste time: Saraf
Federation of Indian Export Organization (FIEO) president SK Saraf says India should not waste time. India should take steps before any other country can complete this deal. He said that India should resume the closed negotiations on the FTA and other trade pacts due to changing geo-political situation. The current anti-China sentiment in Europe can help India. In such a situation, we should not spoil this opportunity.