EU norms on sustainability, intellectual property could hinder Indian exports
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India and the European Union signed a trade agreement on January 27 that’s been projected as a major breakthrough “in a tumultuous time for global trade and supply-chain realignment,” as Commerce and Industry Minister Piyush Goyal described it.
The free trade agreement aims to boost trade and investment between India and the European Union by reducing tariffs and trade barriers. The two major economies together account for about 25% of global GDP and nearly one-third of global trade.
Both sides have presented the agreement as a win.
India said in a press statement that almost all Indian exports will gain preferential entry into the EU Sectors such as textiles, leather, marine products, engineering goods, and agri-processed foods will benefit from the lower tariffs.
It added that tea, coffee, spices, fruits, vegetables, and processed foods will strengthen their position in global markets, while sensitive sectors that are linked to several domestic livelihoods, such as dairy, cereals, poultry, and soymeal will be protected from foreign competition.
India said that the trade agreement will open new opportunities for micro, small and medium enterprises (MSMEs), create jobs for women, artisans, youth, and professionals, and boost exports worth Rs 6.41 lakh crore ($75 billion).
The EU, meanwhile, has said the deal will remove or reduce tariffs on its exports of agri-food products,...