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India and EU Seek Political Direction for Meaningful Free Trade Agreement
1242+ Words Refined into 7 Facts by AI • 2 sources • 0m ago
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- The proposed free trade agreement (FTA) negotiations between India and the European Union (EU) require political direction to achieve a commercially meaningful deal.
- Piyush Goyal emphasized the need for a balanced, ambitious, and mutually beneficial FTA after nine rounds of negotiations.
- India raised concerns about the EU's carbon tax and deforestation regulations during discussions.
- India's economy is projected to grow at 7-8 percent annually, targeting a USD 35 trillion GDP by 2047.
- Bilateral trade with the EU reached USD 137.41 billion in goods for 2023-24, making the EU India's largest trading partner.
- Trade in services between India and the EU was estimated at USD 51.45 billion in 2023.
- India aims to forge balanced agreements with major economies to enhance its market share in global trade.
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