free trade agreement
The government’s expectations are very high regarding the proposed Free Trade Agreement (FTA) between India and the European Union (EU). Union Commerce and Industry Minister Piyush Goyal has described this agreement as the Mother of All Deals i.e. the biggest and most important trade agreement till date. He said that this deal will prove beneficial for both India and EU and it will be a super deal especially for the Indian export sector.
Speaking to reporters, Piyush Goyal said that bilateral trade between India and EU is already balanced, in which both goods and services have an important contribution. In such a situation, this agreement can take the business to new heights. Experts believe that after the implementation of this FTA, Indian products will get better access to European markets, which can greatly benefit the textile, pharma, auto, IT services, agricultural products and manufacturing sectors.
There will be an agreement between India and EU soon
Commerce Secretary Rajesh Aggarwal has also given positive indications in this direction. He said that talks between India and EU are now in the final stages and both sides are very close to a deal. Discussions are ongoing to resolve the remaining issues, so that the agreement can be formally announced during the visit of the top EU leadership to India later this month.
New employment opportunities will be created
The government believes that this agreement will not be limited to trade only, but will also create new opportunities for investment, technology transfer and employment. This will also strengthen campaigns like Make in India and Self-reliant India. It is noteworthy that since 2014, India has signed seven major international trade agreements. These include agreements with countries like UAE and Australia. India-EU FTA is being considered the most important among these agreements, because EU is a major trading partner of India. Overall, if this agreement is signed on time, it can prove to be a major milestone for India’s global trade strategy.