By Admin 
India-EU Trade Deal: Amid uncertainty regarding the trade deal with America, the trade deal between India and the European Union is nearing finalization. It is expected that this deal will be signed on 27th December. Commerce Secretary Rajesh Aggarwal said on Thursday that India and the EU have signed 20 out of 24 chapters and their aim is to complete the deal before the EU leaders visit India later this month.
Who will be the chief guest of Republic Day this time?
European Council President Antonio Luis Santos da Costa and European Commission President Ursula von der Leyen will be the chief guests at the 77th Republic Day celebrations. Both will also co-chair the 16th India-EU summit on January 27. The Foreign Ministry made its formal announcement on Thursday. According to exporters, the free trade agreement between India and the European Union comprising 27 countries will boost the export of textiles, pharmaceuticals, chemicals, engineering goods, gems and jewellery.
Both countries waited a long time
The industry estimates that due to FTA, exports to EU will double in the next three years after the abolition of tariffs. This Free Trade Agreement (FTA) will provide exporters an opportunity to do business under a stable and reliable framework amid global economic uncertainties. Both the countries waited a long time for this deal. First of all, talks on Free Trade Agreement between India and European Union started in 2007. Then in the year 2013, due to the then geopolitical circumstances, it came to a halt. After this, in June 2022, both the countries again took steps in this direction. Now it is close to being finalized.
Biggest deal ever
Commerce and Industry Minister Piyush Goyal said on Friday that the proposed Free Trade Agreement (FTA) between India and the European Union will be India’s biggest trade deal so far. Calling it a historic agreement, Goyal said, “I have signed seven deals so far. All with developed economies. This will be the mother of them all.” This is expected to significantly increase trade and investment between the two sides.
The Federation of Indian Export Organizations (FIEO) said the increase in US tariffs is impacting a wide range of Indian exports and reflects the need for diversification in export markets and trade strategies. He said that entering into a comprehensive free trade agreement between India and EU is not only timely, but it is also very important strategically.
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