India and the United Kingdom are targeting the beginning of February to restart negotiations for their free trade agreement (ALE), the dates being finalized by the Ministry of Commerce. The talks started in January 2022 but were interrupted due to electoral cycles. Bilateral trade between the two nations increased to $ 21.34 billion in 2023-24, reflecting solid economic ties.
The tenth round of ALE’s discussions between India and the European Union (EU) is scheduled for March in Brussels. Negotiations cover a wide range of areas, including goods, services, investment protection and government purchases. After an interruption of eight years, talks resumed in June 2022, bilateral trade exceeding 200 billion US dollars in 2023. India exported $ 75.18 billion in goods and $ 31.44 billion in services to The EU, while EU imports to $ 63.44 billion in goods and $ 31.35 billion in service.
India finalizes the reference conditions for an ALE with the EURAS Economic Union (EAEU), including Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Russia remains the largest trading partner in India in the block, the bilateral trade dominated by imports of crude oil. India exports to Russia totaled $ 4.26 billion, while imports reached $ 61.43 billion in 2023-24.
India and Anase are progressing in examining the goods agreement, with a meeting scheduled for February 10 in Indonesia. While the negotiations are advancing, certain challenges of goods are not resolved.
These strategic agreements aim to strengthen access to the India market, to diversify its commercial partnerships and to improve its economic position on a global scale. India seeks to promote a robust commercial ecosystem which leads to long -term growth by attacking prices, investment protections and commercial barriers.
Source: Economical time
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