Several domestic industries will benefit from the India-EU trade pact

21 Jun 2022 , 11:02 AM

When the planned free trade agreement with the European Union is enacted, various domestic industries such as textiles, leather, and sports items would have more market access in the EU market, according to commerce and industry minister Piyush Goyal. India and the EU formally restarted trade, investment, and Geographical Indications (GI) discussions on June 17 after an eight-year hiatus.

According to Goyal, the EU is a vast market with 27 successful countries. It is one of the world's major trading blocs, with a significant proportion of the global market. "It will, we feel, open doors to our textiles, leather, pharmaceuticals, sports items, some agricultural products, handicrafts, and handlooms. All of this will expand the market. Our exports are expected to rise "'I told reporters here,' he said.

He said that the EU is strong in current technology and high-end precise equipment, and that "we will gain from their sophisticated innovations." Both sides would have the opportunity to help each other and grow commerce in the services sector as well.

"We will see an increase in the amount of money coming in from Europe. It will be beneficial to both countries "He went on to say. In 2021-22, India's goods exports to EU member nations were over USD 65 billion, while imports totaled USD 51.4 billion.

A geographically identified product (GI) is generally an agricultural, natural, or manufactured product (handicrafts and industrial items) that originates from a certain geographical location.