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India-EU FTA: Talks are going on between India and the European Union (EU) regarding the Free Trade Agreement (FTA), but now a big news has come in this matter. An agreement has been made between the group of European countries and India that while seeking consensus on all issues, the process of negotiation between the two parties should be expedited regarding the FTA. The Ministry of Commerce has given this information on Tuesday.
Consensus made to speed up the talks
Commerce and Industry Minister Piyush Goyal and European Union Trade Commissioner Valdis Dambrovskis met in Brussels. During this meeting, an agreement was reached between India and the EU to accelerate the negotiations on the Free Trade Agreement. In this matter, both the sides agreed that this dialogue would help in boosting the economy and employment of both the places. It was agreed in the meeting that both the sides should increase the pace of talks on FTA in view of their own benefits. So that a balanced and meaningful result can be obtained.
What is Free Trade Agreement?
Free trade agreement is a trade agreement between two or more countries in which business relations are strengthened by removing trade related problems. Through this agreement, the countries remove the problems related to import and export of goods, which helps in curbing the trade loss caused to both the countries. In this agreement, countries decide on things like subsidy, quota, tariff etc. This makes it easy to do business between the countries, both the countries get benefited.
Significantly, talks are going on between India and the European Union regarding FTA, in which it has now been agreed to speed up. It is worth noting that there are a total of 27 countries in the European Union. In such a situation, if there is a negotiation agreement between both the sides, then it will be a very good thing for India from the business point of view.
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