India-EU Ne Forge Kiya Landmark Trade Pact, Global Trade Ko De Raha Hai 'Oxygen'

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AuthorIshaan Verma|Published at:
India-EU Ne Forge Kiya Landmark Trade Pact, Global Trade Ko De Raha Hai 'Oxygen'
Overview

India aur European Union ne ek bada Free Trade Agreement (FTA) finalize kiya hai, jismein security, defense, aur mobility collaborations bhi shamil hain. Yeh pact US ki uncertain trade policies ke beech aaya hai, jise VDMA jaise industry bodies ne global trade ke liye 'much-needed oxygen' bataya hai. Agreement ka maksad tariffs kam karna aur non-tariff barriers ko address karna hai, jisse automotive, textiles, aur capital goods jaise sectors mein competitive advantage milega.

Strategic Partnership Amid Global Uncertainty

India aur European Union (EU) ke beech ka landmark Free Trade Agreement (FTA) ek critical geopolitical aur geoeconomic realignment hai, khaas kar jab United States unpredictable tariff policies se guzar raha hai. Prime Minister Narendra Modi aur EU President Ursula von der Leyen ne officially agreement announce kiya, jo unilateral decision-making ke contrast mein rules-based international trade ke liye commitment dikhata hai.

Industry Welcomes Trade Boost

Industry associations ne isse optimistically welcome kiya hai. Thilo Brodtmann, Executive Director of VDMA, jo hazaron German aur European mechanical engineering firms ko represent karta hai, ne kaha ki FTA global trade ke liye "much-needed oxygen" provide karta hai. Unhone emphasize kiya ki "export-oriented mechanical aur plant engineering ko rule-based trade ki utni hi zaroorat hai jitni hawa ki." European industry body ne bhi yahi sentiment express kiya, yeh proclaim karte hue, "The EU has delivered. With this agreement, Europe is sending a clear signal in favour of rules-based trade and against the law of the jungle."

Economic Dividends and Sectoral Gains

Gulzar Didwania, Partner at Deloitte India, ne FTA ki significance ko note kiya, considering EU India ka second-largest trade partner hai. "Jabki tariff reductions auto, textile, capital goods, gems aur jewellery etc. jaise sectors ke liye dono economies ko competitive advantage deti hain, yeh regulatory alignment ke through non-tariff barriers ko address karne ka mauka bhi deti hai," Didwania ne explain kiya. Yeh comprehensive pact trade se pare wide array of collaborations ko cover karta hai, jismein security and defense partnership, Reserve Bank of India aur European Securities and Markets Authority (ESMA) ke beech ek memorandum of understanding (MoU), mobility cooperation ke liye framework, Green Hydrogen Task Force, aur Security of Information Agreement ke liye negotiations shamil hain.

Bilateral Trade Figures

India aur EU ke beech goods aur services mein bilateral trade ne steady growth dikhaya hai. Fiscal year 2024-25 ke liye, goods mein trade $136.54 billion pahuncha, jismein exports $75.85 billion aur imports $60.68 billion the. Services mein trade usi period mein $83.10 billion raha, jo ek robust economic relationship dikhata hai jo naye agreement ke tahat aur expansion ke liye poised hai.

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