Substantial differences remain between India & EU on negotiations for the Free Trade Agreement. It remains unclear whether agriculture or which parts of this sector will be included in the FTA.
The European Union is India’s single-largest trading partner when exports and imports with all 27 member-states are calculated. The deal has been almost two decades in the making.
India and Russia, as a part of Eurasian Economic Union (EAEU), are set to hold the 2nd round of negotiations on a trade deal next month after the Union Budget.
It’s India’s 3rd FTA with a Five-Eyes alliance member in the last 4 years. It is also the 3rd trade deal announced by New Delhi this year, after agreements with the UK & Oman.
Deal expected to be operational within 3 months and allow Indian importers to ‘replace’ imports from Turkey and source ‘better-priced’ blocks from Oman, Minister Piyush Goyal said.
Apart from FTA, a number of key agreements are expected in sectors such as trade, investment, energy, defence, technology, agriculture, culture & people-to-people ties.
The collusion between the new class of bureaucrats, politicians, businessmen and trade union bosses perpetuates itself partly because of the short-run benefits and partly because they see no way out of the system, wrote author MH Mody in 1980.
IAF is firming up plans to revamp airlift capabilities with medium transport aircraft that will be assembled in India & serve as its main workhorse. Embraer is leading contender as of now.
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