India has ‘concluded’ a ‘historic’ FTA with the EU: PM Modi
GS2Polity · Governance · IR· India's bilateral relations· Prelims + Mains·
Why in news
Prime Minister Narendra Modi announced the conclusion of a historic Free Trade Agreement (FTA) between India and the European Union after nearly two decades of negotiations.
Background
The FTA was revived in 2022 and aims to reduce tariffs for Indian exporters while boosting investment. The agreement includes a new Security and Defence Partnership and a mobility system for the legal movement of Indians to the EU region.
Facts for Prelims
- FactThe India-EU FTA negotiations lasted nearly two decades before being revived in 2022.
- FactThe agreement includes a specific mobility system to facilitate the legal movement of Indians to the EU region.
- FactThe deal incorporates a new Security and Defence Partnership alongside trade provisions.
For Mains
Q. Discuss how the India-EU Free Trade Agreement can reshape India's position in global supply chains and foster innovation partnerships.
Dimensions to cover in your answer
- Supply chain resilience: Reducing dependency on single-source markets through diversified EU-India innovation partnerships
- Regulatory alignment: Balancing Indian labor and environmental standards with EU's stringent trade requirements
- Strategic autonomy: Leveraging the Security and Defence Partnership to counter regional geopolitical shifts
Keywords: Trade Liberalization · Supply Chain Resilience · Strategic Partnership · Economic Diplomacy · Mobility Framework
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