India and EU Near Trade Pact Completion: An Economic Milestone
India and the European Union (EU) are close to finalizing a comprehensive free trade agreement. The negotiations, which resumed in June 2022, cover 23 policy areas. Bilateral trade in goods between India and the EU was valued at USD 137.41 billion in 2023-24, making the EU India's largest trading partner.
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Commerce and Industry Minister Piyush Goyal has indicated that India and the 27-nation EU bloc are on the brink of concluding talks for a free trade agreement, with only a handful of issues remaining.
The negotiations, which restarted in June 2022, focus on crafting a wide-ranging pact encompassing 23 policy areas such as trade in goods and services, investment, and intellectual property rights. This comes after a halt since 2013 over differences regarding market access.
Trade between India and the EU reached USD 137.41 billion in 2023-24, solidifying the EU as India's largest trading partner. The anticipated agreement aims to bolster these numbers, marking a significant economic milestone for both regions.
(With inputs from agencies.)
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