The proposed free trade agreement between India and the European Union would benefit domestic exporters as EU is one of the biggest traditional markets for the country;
Trade Promotion Council of India (TPCI) organised a panel discussion on India-EU trade relations, where experts discussed the proposed pact.
Quoting experts, the council said issues like movement of professionals, duty cut on goods such as alcoholic beverages, automobiles and dairy products may see tough negotiations.
Experts stated that the decision to resume talks for the agreement between India and the EU was a positive development as it will benefit both the sides.
Rupa Chanda, RBI Chair Professor in Economics, said India retains its unique advantages for trade partners as its large market and human resource base, role in pharma production, manufacturing and emerging startup ecosystem are quite unparalleled.
In 2020, India’s export to EU was USD 38.43 billion, while imports stood at USD 33.4 billion.