In addition to requiring significant rights reductions in cars and medical devices, the EU wishes a tax reduction in wines, spirits and an intellectual property regime.
Exports from Indian products to the EU, such as ready -to -use clothing, pharmaceutical products, steel, petroleum products and electric machines, can become more competitive, if the pact is successfully concluded.
The bilateral trade of India with the goods with the EU was 137.41 billion USD in 2023-24 (exports USD 75.92 billion, imports USD 61.48 billion), making it the largest trading partner in India for goods.
The EU market represents approximately 17% of the total exports of India, while EU exports to India represent 9% of its total exports.
In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at 51.45 billion USD.
The agreement aims to further increase bilateral trade and investments between the two. The two parties negotiate a free trade agreement, an investment protection agreement and an agreement on geographic indications (GIS).
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