India expects the FTA with EU to be a 'game-changer': Mr. S. Jaishankar
India expects its proposed free trade agreement (FTA) with the European Union (EU) to be a ‘game-changer’ and is looking forward to a mutually advantageous conclusion to the negotiation process for the pact within a ‘short-planned timeline,’ External Affairs Minister Mr. S Jaishankar said. While addressing an event at the Confederation of Indian Industry (CII), he also said that Europe and India can strengthen each other's strategic autonomy by reducing dependencies, cooperating on critical technologies, and ensuring supply-chain restructuring.
After a break of more than eight years, negotiations for the long-delayed trade and investment agreement between India and the European Union were resumed in June, 2022. Beginning in June, 2007, the talks for the proposed agreement encountered numerous roadblocks because both parties had significant disagreements on important issues.
The External Affairs Minister asserted that the new approach of India to trade agreements addresses issues of non-tariff and behind-the-border barriers, quality standards, and related benchmarks.
He added that by reducing their mutual reliance on one another, working together on key technologies, and assuring supply-chain restructuring, Europe and India can enhance their respective strategic autonomy. Therefore, the India-EU FTA is a very crucial goal for the country. The recently unveiled Trade and Technology Council (TTC) will provide the structure and strategic guidance to the partnership between the two sides.
This information is being released to promote the use of the test bed and support the creation of homegrown technologies and products in line with the ‘Aatmanirbhar Bharat’ vision. The test bed is already being used by several start-ups and businesses to try their goods and services. unveiled Trade and Technology Council (TTC) will provide the structure and strategic guidance to the partnership between the two sides.
The TTC with India is the European Union's second such technology partnership after the first one with the United States which was firmed up in June 2021.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.