• UGI USER
  • Mar 06, 2024
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FTA TALKS: INDIA BEGINS HARD BARGAIN ON NON-TARIFF BARRIERS WITH EUROPEAN UNION:

Why in the news?

India engages in FTA talks with the EU, focusing on eliminating non-tariff barriers in key sectors like pharma and agriculture.

Highlightings of the Objective of Negotiations:

  • Indian negotiators aim to address non-tariff barriers (NTBs) in various sectors during free trade agreement (FTA) talks with the European Union (EU).
  • Sectors such as pharma, engineering, electrical, and agriculture have been identified for discussion on NTBs.
What is The European Union (EU)?

●   The European Union (EU) consists of 27 countries with a unified economic and political framework.

●   19 EU members use the euro, while 8 others retain their own currencies.

●   Formed to prevent conflicts, the EU fosters a single market and promotes peace, job creation, and sustainable development.

What is an FTA (Free trade agreement )?

●   FTA: Pact between nations to reduce or remove trade barriers, aiming to boost commerce through mutual negotiations.

●   Covers goods, services, investment, intellectual property, and other sectors.

●   Opposes trade protectionism, fostering economic integration and cooperation.

●   Types: Preferential Trade Agreement, CECA, and CEPA.