A big update has come out regarding the proposed Free Trade Agreement (FTA) between India and the European Union (EU). Union Commerce and Industry Minister Piyush Goyal has said that this agreement between India and the 27-nation European Union can be signed by December and it is likely to be implemented by February-March next year. This agreement is being considered an important step for India on the export and trade front.
During a conversation with chartered accountants in Mumbai, Goyal said that after the implementation of FTA, the huge market of Europe will be almost completely opened up for Indian companies. He said that with low or zero duty, Indian products will get better access to the European market, which can give a new impetus to exports.
93 percent exports will benefit
In January this year, India and EU had announced the completion of negotiations regarding this agreement. This is considered to be one of the biggest trade agreements between the two parties so far. Under the proposed agreement, about 93 percent of India’s exports to the EU are likely to get duty-free access. On the other hand, some goods coming to India from EU may also become cheaper. Especially due to reduction in import duty on luxury cars and wine, their prices may come down. Experts believe that this will increase trade and investment between the two regions.
Piyush Goyal also told that America’s Trade Representative Jameson Greer is coming to India this week, where the trade agreement between the two countries will be discussed. At the same time, talks on the proposed Comprehensive Economic Partnership Agreement (CEPA) with Canada are also progressing. The government believes that such agreements will help India gain a stronger position in global trade.
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