India and the European Union (EU) have been long-standing trade partners, with strong economic ties and shared values. To take this partnership to the next level, Prime Minister Narendra Modi is hosting European Commission President Ursula von der Leyen and European Council President Antonio Costa in New Delhi for a high-level meeting to discuss the India-EU Free Trade Agreement (FTA).
The meeting, held on October 6, 2021, is a significant step towards strengthening the trade and economic relations between India and the EU. It is a testament to the commitment of both sides to further enhance the strategic partnership and explore new avenues of cooperation.
The India-EU FTA negotiations have been ongoing for over a decade, with both parties working towards a mutually beneficial agreement. This agreement aims to boost trade and investment, reduce tariffs and non-tariff barriers, and create a more conducive business environment for both Indian and European companies.
The EU is India’s largest trading partner, with a trade volume of over $100 billion in 2020. It is also the largest destination for Indian exports, accounting for 17.3% of India’s total exports. On the other hand, India is the EU’s 10th largest trading partner, with a trade volume of over $57 billion in 2020. These numbers highlight the immense potential for growth and collaboration between the two sides.
The FTA will be a game-changer for the Indian economy, providing a massive boost to the country’s exports and creating new avenues for employment. It will also open up opportunities for Indian companies to access the EU market, which is known for its high-quality standards and consumer base.
The meeting between PM Modi and the EU leaders is expected to delve into various aspects of the FTA, including market access, investment protection, intellectual property rights, and sustainable development. Both sides are committed to addressing any outstanding issues and reaching a comprehensive agreement that benefits all stakeholders.
In addition to the FTA, the leaders will also discuss cooperation in various sectors such as technology, climate change, and healthcare. The EU has been a strong supporter of India’s initiatives such as Digital India, Make in India, and Skill India and has expressed interest in collaborating in these areas.
The meeting between PM Modi and the EU leaders is also significant in the context of the ongoing COVID-19 pandemic. The EU has been a crucial partner in India’s fight against the pandemic, providing vital medical supplies and equipment. The leaders are expected to discuss ways to further strengthen the cooperation in the healthcare sector and explore avenues for joint research and development.
The EU has also been a staunch supporter of India’s bid for a permanent seat at the United Nations Security Council. The leaders are likely to discuss ways to work together on global issues and promote a rules-based international order.
The meeting between PM Modi and the EU leaders is a testament to the growing importance of the India-EU partnership. It reflects the shared commitment to deepen economic, political, and strategic ties between the two sides. The FTA will not only benefit India and the EU but also have a positive impact on the global economy.
In conclusion, the India-EU FTA is a significant step towards a stronger and more dynamic partnership between the two sides. The meeting between PM Modi and the EU leaders is a clear indication of the shared vision and determination to take this relationship to new heights. The FTA is a win-win situation for both India and the EU, and it is a crucial step towards a more prosperous and interconnected world.
