India-EU Landmark Trade Deal Concluded
India and the European Union have successfully concluded negotiations for a comprehensive trade and investment pact, marking a major breakthrough in their economic partnership. The deal includes a Free Trade Agreement (FTA), an Investment Protection Agreement, and a pact on Geographical Indications (GIs).
Key Takeaways
- Three key agreements concluded: FTA, Investment Protection, and Geographical Indications.
- Final negotiations held in New Delhi from June 24-28.
- The EU is India’s second-largest trading partner after the US.
- Bilateral trade stood at USD 135.9 billion in 2022-23.
Union Commerce Minister Piyush Goyal announced the conclusion on Saturday, hailing it as a landmark outcome. The negotiations, which began in 2022, reached their final stage during talks held in the national capital last week.
“Delighted to announce the conclusion of the negotiations between India and the European Union for a Free Trade Agreement, Investment Protection Agreement and an Agreement on Geographical Indications,” Goyal said in a post on X.
A New Era of Strategic Cooperation
Goyal stated that the agreements will significantly strengthen the India-EU partnership and usher in a new era of strategic economic cooperation. He commended the negotiating teams from both sides for their persistent efforts.
“I congratulate the negotiating teams from both sides for their persistent efforts in achieving this landmark outcome,” he said.
Significance of the Partnership
The 27-nation European Union bloc holds a crucial position as India’s second-largest trading partner, trailing only the United States. The substantial bilateral trade volume of USD 135.9 billion in the 2022-23 fiscal year underscores the immense potential for growth that this new pact aims to unlock.
The finalization of these agreements is expected to provide a strong framework for boosting trade, protecting investments, and recognizing unique regional products through the GI system.
