India-EU Free Trade Agreement: A New Dawn in Bilateral Commerce
India and the European Union aim to sign a free trade agreement soon to enhance bilateral trade and investment. Key negotiation topics include significant duty cuts in automobiles, wines, and medical devices. Both parties target the conclusion of negotiations by December, boosting India's competitiveness in EU markets.
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- India
In a move expected to reshape bilateral commerce, India's Commerce and Industry Minister Piyush Goyal announced optimism over signing a free trade agreement with the European Union. This landmark deal aims to foster increased trade and investments between India and the 27-nation EU bloc, with negotiations slated to conclude by December.
The renewed discussions, resuming after a stalled period since 2013, cover 23 areas, including tariff reductions in automobiles and medical devices as demanded by the EU. Significant tax cuts on products like wine, spirits, and meat are also in focus, alongside a strengthened intellectual property regime.
The potential agreement is seen as a game-changer, making Indian exports like ready-made garments and pharmaceuticals more competitive in European markets. The EU, which accounts for a substantial portion of India's trade, is a critical partner in this endeavor, aiming to finalize the pact within the year.
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