27 Jun 2022

India, European Union Resume Free-Trade Deal Talks After 9-Year Gap

India and the European Union resumed talks on Monday over a free trade agreement after a nine-year gap, as Western countries sought to exclude New Delhi from its close economic ties with Russia.
India, dubbed "the king of taxes" by former US president Donald Trump, India has been more open to reducing trade barriers in recent years and negotiating agreements with several other countries.

India has refused to criticize Russia's invasion of Ukraine, even raising oil prices from its long-standing counterparts and a major arms supplier.

The European Union is the second largest trading partner of India after the United States but negotiations with the bloc ended in 2013 on issues including tax cuts and copyright protection.

Commodity trade rose sharply to $ 116 billion by 2021-22, when India's exports to the 27-member European Union reached $ 65 billion, according to New Delhi.

"Both sides aim to make the trade talks more comprehensive, balanced and comprehensive, based on the principles of impartiality and reconciliation. earlier this month when he announced the first round of talks in Delhi, which was supposed to continue until Friday.

India in February signed a major economic cooperation agreement with the United Arab Emirates and in April agreed a temporary free trade agreement with Australia, which aims to end a full deal by the end of the year.

India is also in trade talks with Canada, Israel and Britain. Prime Minister Boris Johnson said during a visit to April that Britain and India hoped to reach an agreement in October.

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