FTA - will be beneficial for India-EU

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India and European Union (EU) are passing through an important phase of the relationship between the two. Both sides hope to conclude a free trade agreement in near future.


EU is one of the biggest trading partners of India. The two-way trade in goods and services was worth €69 billion last year. From the investment point of view also, EU with 27 member nations is playing a very crucial role in India.

 

The tariff rates of different products between the two sides is one of the important issue to be settled to encourage the trade. The percentage of the reduction of tariff rates needed to be decided.


But there are differences between the two sides on certain issues like human / labour rights and environmental standards. Both sides need to understand the need of the hour and have to get moderated on these issues to reach on some agreement. EU member nations have to provide the free movement of Indian professionals.


Both sides have realized that they need to hold more regular meetings and negotiations to increase the trade share between the two. This FTA will be beneficial for both the sides.


Apart from trade both sides need to deal the issues like terrorism, disarmament, climatic changes, cultural exchanges etc effectively. Terrorists are targeting European nations again like recent bomb blast in Sweden and threats to United Kingdom. Both sides have to carve out some agreement of co-operation to combat terrorism.


India is also hoping that EU should consider India’s demand of liberalizing its rules atleast for the skilled labour’s entry in the European zone.


We hope both side will come up with better agreements options and something concrete will be decided which will encourage the trade between the two.

 

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