There is a significant untapped potential to expand India-European Union bilateral trade relation through Free Trade Agreements. Substantiate (200 Words)
Refer - Financial Express
Enrich the answer from other sources, if the question demands.
Abdul hakkim 3 years
Please review mam/sir
Thanks
IAS Parliament 3 years
Try to provide some specific examples. Keep Writing.
IAS Parliament 3 years
KEY POINTS
· While a good beginning has been made with the UK, India must also renegotiate with the EU the bloc is very important for India as far as trade relations are concerned.
Instances
· Textiles, leather and apparels are a dominant sector of exports from India to the EU, accounting for about one-fourth of our total exports in this sector.
· Although India benefits from the EU’s Generalised System of Preferences (GSP), the current list of graduated products for India includes textiles.
· Turning to services, the Europa website indicates that the EU imports around 7.45% of its total telecommunication, computer and information services from India.
· India accounts for 3.6% of the total EU imports, and almost half of the EU’s services imports are from India.
· The FTA should deliver on enhancing India’s market access in these key services, regulatory barriers in cross-border supply as well as provision of services through temporary movement of professionals will need to be addressed.
Way forward
· The FTAs concluded by the EU since 2013 (with Canada, Singapore and Vietnam) can also be a learning ground for us to understand the nuanced position of the EU in areas important to India.
· India and the EU will, however, need to see that the deal is a win-win for both.
