In a recent seminar at the National Stock Exchange in Mumbai, Bharat’s External Affairs Minister (EAM) S Jaishankar highlighted the challenges surrounding the Bharat-European Union Foreign Trade Agreement (FTA).
Terming it as the “most difficult FTA,” Jaishankar emphasized the presence of numerous non-trade issues complicating negotiations. Despite the complexities, he reiterated Bharat’s commitment to advancing this crucial trade priority.
Jaishankar acknowledged the hurdles faced due to changes in positions over time, resulting in significant delays. However, he expressed optimism about Bharat’s determination to push the FTA forward.
He assured that if the current administration continues into the next term, the FTA would remain a top trade priority, underscoring the importance of fostering stronger economic ties with the EU.
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The minister lauded Union Commerce and Trade Minister Piyush Goyal for his instrumental role in advancing various trade agreements, including those with Australia, the UAE, and the European Free Trade Association (EFTA). Goyal’s efforts have significantly contributed to Bharat’s trade progress, enhancing partnerships with key regions like the UK, EU, and Gulf countries.
Bharat’s participation in Europe Day celebrations last week underscored the significance of the relationship between India and the European Union.
Jaishankar highlighted that these ties are not only crucial for the two parties but also have broader implications for global dynamics. He emphasized the EU’s status as Bharat’s largest economic partner, with deep-rooted connections across multiple domains.
The Bharat-EU trade relationship holds substantial importance, with the EU being Bharat’s third-largest trading partner and Bharat ranking as the EU’s tenth-largest trading partner. In 2021, bilateral trade in goods between India and the EU amounted to Euro 88 billion, comprising a significant portion of total Bharatiya
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trade. This underscores the mutual economic benefits and opportunities for further collaboration between the two entities.
As negotiations continue, both Bharat and the EU recognize the need to address various complexities and non-trade issues to facilitate a mutually beneficial FTA. The commitment from both sides to navigate these challenges underscores the shared desire to strengthen economic cooperation and deepen bilateral ties.
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