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India Free Trade Agreement with EU: To increase trade between India and the European Union, talks have started regarding the Free Trade Agreement. Now in this matter Union Commerce Minister Piyush Goyal has given an important statement on Friday. He said that this agreement will take a long time because the EU is a group of 27 countries. In such a situation, more time is needed to negotiate with all the countries. Along with this, he informed that at present India is actively negotiating with two to three countries of the European Union and he hopes that it will yield good results soon.
Will have to negotiate with 27 countries
Piyush Goyal said on the Free Trade Agreement with the European Union that it takes more time to make any kind of agreement with the European Union because it has to negotiate with a total of 27 countries. Earlier in the year 2022, India had signed a Free Trade Agreement with Australia and the United Arab Emirates (UAE). Along with this, India is currently negotiating FTAs with Israel, Canada and Britain as well.
What is Free Trade Agreement?
Significantly, Free Trade Agreement is done between two or more countries. It is an agreement to remove barriers to import and export of products and services to strengthen trade relations. This causes loss to both the countries doing business. Through this, countries decide to reduce or increase quota, tariff, subsidy or ban etc. on each other’s products. This makes it easy to exchange things for trade and trade between countries increases. This allows free trade between countries.
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