A total of 30 Indian exports at the 4-digit HS level, with the best prospects for EU markets, were highlighted by a multi-filter approach. Products are included in the broad categories (SH 2 digits) of scrap metal and steel (73); organic chemicals (29); Vehicles (87); Clothing and clothing accessories (61). The expansion of domestic production of these products has the potential to further stimulate trade between India and the EU. These negotiations are in line with the commitment made by the Heads of State and Government at the 7th India-EU Summit in Helsinki on 13 October 2006 to negotiate a large-scale trade and investment agreement, based on the report of the India-EU High-Level Technical Group. India and the EU expect bilateral trade to be encouraged by removing barriers to trade in goods and services and investment in all economic sectors. Both India and the European Union have been negotiating the comprehensive trade and investment agreement for decades. The negotiations include many factors such as tariff reductions, market access and investment. The last rounds of negotiations took place in November 2013 and since then negotiations have been inftonated. LAtest events such as Brexit and the termination of other overseas investment contracts could have a direct impact on BTIA, and negotiations are expected to resume in the coming years. The EU is one of India`s main trading partners and a dynamic and growing market for India. Bilateral trade reached nearly $110 billion in 2018 and was balanced with a slightly positive trade balance in India`s favour. Several contentious issues have been obstacles to the conclusion of the BTIA agreement between India and the EU.
To draw them, CII proposes different measures and a way to correct them. Closer cooperation between India and the UK in negotiating a possible post-Brexit trade deal should be considered. Given India`s high export potential to the UK, which consists mainly of clothing and clothing accessories, this has the potential to also strengthen the Indian Make in India campaign. It is proposed to promote the products identified through targeted strategies in EU markets and to identify the sectors of champions, as well as the development of mini-trade agreements with selected markets. It is argued that the signing of mini-trade agreements between India and the EU, focused on short- and medium-term issues and concerns, can pave the way for future long-term negotiations. One of the EU`s longest-serving foreign ministers, Rinkevics, called for a comprehensive trade agreement between India and the EU to improve trade figures. “The EU wants to follow the model it has adopted with Singapore, with which it has recently concluded trade and investment agreements. The proposal has been made to India, which has not yet reacted,” an official close to the discussions told BusinessLine. India terminated all bilateral investment agreements (ILOs) with partner countries, including EU member states, on 31 March 2017.
She then called on EU countries to start negotiations for a new agreement with India, based on the bit model adopted by her EU cabinet. “Since the investment contract is also part of the BTIA, it has been stuck in trade and services negotiations. If a BIPA is separated and separated from the BTIA, it could be concluded and signed, even if the most important agreement is not concluded and signed,” the official said. Trade with India accounted for less than 3% of eu-wide world trade, which is “much lower” than expected from relations. In its latest research paper, “Towards a New Economic Agreement between India and the EU,” CII analyses and identifies high-potential Indian exports to the EU. The aim is to restart trade negotiations between India and the EU on the Large-Scale Trade and Investment Agreement (BTIA), which stopped after 2013.