Free Trade Agreement between the EU and India Getting Closer?
Jun. 13 – Long-delayed negotiations for the proposed free trade agreement between India and the European Union seem to be gaining momentum again. A ministerial level meeting is slated for June 26 between Commerce Minister Anand Sharma and EU Trade Commissioner Karel De Gucht to take the talks forward.
This agreement has been a long time in the making and, when enacted, will have a significant impact on bilateral trade and commerce. The agreement, officially dubbed as the “Bilateral Trade and Investment Agreement” seeks to liberalize trade in goods and services and is expected to be signed before the end of the year.
The 27-nation European Union is India’s largest trading partner and both nations aim to slash duties on over 90 percent of trade under the pact. India has already implemented comprehensive FTAs with countries such as Japan, Malaysia and South Korea.
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