India and the European Union (EU) have officially resumed negotiations for a free trade agreement (FTA) in Brussels on March 10, after a gap of over eight years. This development follows discussions during the recent visit of EU Commissioner for Trade and Economic Security, Maros Sefcovic to India, where both parties explored ways to accelerate efforts toward a balanced and mutually beneficial trade deal.
While no official deadline has been set for the signing of the FTA, Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen agreed last month in New Delhi to conclude the deal by this year. This agreement comes amid concerns over the Trump administration’s threat of higher tariffs.
In addition to the FTA, the parties will also negotiate an investment protection agreement and an agreement on Geographical Indications (GIs).
As of the fiscal year 2023-24, India's exports to the EU are estimated at $76 billion in goods and $30 billion in services, while the EU exports $61.5 billion in goods and $23 billion in services to India.
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