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European Union

India-EU FTA Likely in 1-2 Months, Says Piyush Goyal, Boosting Trade Access Across Europe

Strategic Insights

— 1 min read

Commerce and Industry Minister Piyush Goyal announced on Tuesday that a free trade agreement (FTA) with the European Union (EU) could be sealed within a month or two, offering preferential access for Indian exports to the entire European market. This development comes as India continues to strengthen its trade ties with various countries, including the US, NZ, Chile, and others, to enhance its global trade footprint. Goyal emphasized that India's robust trade agreements and ongoing negotiations will insulate the country from the current geopolitical shifts.

Key Takeaways:

  • The India-EU FTA negotiation has been ongoing since 2022, with India already inking deals with the UK and the European Free Trade Association (EFTA).
  • The EU trade deal will grant India preferential access to the entire European market, providing a significant boost to Indian exports.
  • India is having robust discussions with the US for a bilateral trade agreement (BTA), with a US delegation recently visiting New Delhi for seven-day negotiations.
  • The country is also negotiating trade agreements with Australia, some West Asian countries, as well as ongoing talks with New Zealand, Peru, and Chile.
  • Goyal emphasized that India's robust trade agreements and industrial hubs will help the country remain resilient in the face of global shifts.
  • India is planning to set up Swiss enclaves in the country that can provide industrial and social infrastructure to Swiss companies to set up base and operate from.

Statistics:

  • The India-EU FTA negotiation has been ongoing since 2022.
  • India has already inched deals with the UK and the European Free Trade Association (EFTA).
  • The US delegation recently visited New Delhi for seven-day negotiations on the interim tranche of the BTA.
  • India's trade agreements with Australia and some West Asian countries, as well as ongoing negotiations with New Zealand, Peru, and Chile, will help the country expand its global trade footprint.
  • India is planning to set up 12 industrial smart cities and 100 industrial parks of up to 500 acres along industrial corridors.

Sources:

  • Piyush Goyal at the 18th Swissmem Industry Day event in Bern, Switzerland.
  • IE Online Media Services Pvt. Ltd., distributed by Contify.com

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