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European Union India Free Trade Agreement

“India cannot afford to have the Bombay Club that existed in the early 1990s, it is necessary to stay connected to other countries, including trade and economic cooperation,” said Sanjaya Baru, an economist and media advisor to former Prime Minister Manmohan Singh, previously. The Bombay Club was made up of renowned Indian industrialists who, in 1993, supported the process of economic liberalization in order to create protection and measures for a level playing field. One of the EU`s main objectives in its trade relations with India is to work towards a strong, transparent, open, non-discriminatory and predictable regulatory and trade environment for European companies that trade with India or invest in India, including the protection of their investments and intellectual property. The aim is to contribute to the development of the untapped potential of two-way trade between the EU and India. India and the EU began talks on a free trade pact in 2007, but negotiations were stalled in 2013 and efforts to restart negotiations since then have not provided further information on the EU-India strategic partnership, including trade and investment, on the EU`s new strategy for India , adopted on 20 November 2018 , and the corresponding conclusions of the Council. In reviewing the efforts of both sides to develop the bilateral strategic partnership, the Joint Action Plan considered that policy, dialogue and cooperation had been improved through regular meetings and visits, that reciprocal investment in the economy had increased dramatically in recent years, that dialogue on macroeconomic policies and financial services had begun and that cooperation in the energy fields had begun. dramatically increased. , science, technology and the environment. As part of the joint action plan, the EU and India would strengthen consultation and dialogue on human rights within the framework of the United Nations, strengthen cooperation within the mission for peace, combat terrorism and non-proliferation of weapons, promote cooperation and exchange in the field of civil nuclear energy development and conclude a free trade agreement as soon as possible. France, which is highly dependent on nuclear energy and is a major exporter of nuclear technology, is expected to sign an agreement that would allow it to supply nuclear fuel to India. An investment protection pact will be included in the proposed free trade agreement between India and the EU, which will take place at high level on 14 April in Brussels. An important aspect of the 2025 roadmap has been the reactivation of the India-EU human rights dialogue, described as a “key instrument for promoting common values on human rights and fundamental freedoms and for convening regular meetings to promote mutual understanding and discuss human rights issues. , including women`s rights and empowerment and children`s rights.

The EU is India`s largest trading partner, accounting for 11.1% of India`s total trade, on an equal footing with the United States and China (10.7%) ». We are confident that free trade agreements with the EU and the US will benefit India and that talks will resume,” said Gopal Krishna Agarwal, national spokesman for the Bharatiya Janata Party for Economic Affairs. “India is not opposed to trade agreements with other countries, although now, it seems, after the release of the RCEP, the popular idea is that we understand the need to remain integrated at the global and regional level,” Agarwal added.