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Since 2007, India and the European Union, commonly referred to as the EU, have had a bi-lateral free trade agreement with each other. India’s efforts to improve its economy as well as participate in negotiations with the World Trade Organization, along with other things, has been a factor in this.
The trading between India and the countries making up the EU involves both imports and exports, which includes outsourcing of service jobs. Substantial increases in exports from EU countries to India, and from India to EU countries have been seen since 2005. Currently, the EU is considered India’s largest trading partner.
Several agreements have been signed between the EU and India in the past few years, resulting in even more imports and exports, both of goods and services. In addition, direct investments between the EU and India continue, with favorable results.
In an effort to participate in those things that affect the global economy, India has continued to make improvements in its own nation by implementing economic reform and other measures that will allow the country to continue to grow, rather than suffer setbacks.
Each year, an EU-India Summit is held. During these meetings, matters are discussed that pertain to EU-India trade, including current measures in place that concern imports and exports, along with other things, such as technical issues. These issues can include such things as technical barriers to trade, issues concerning sanitation and other health matters, and agricultural and/or industrial policies.
Negotiations are always ongoing where the EU-India Free Trade Agreement is concerned. At least five negotiations were held in recent years past, the most recent being in 2009, and a sixth one is pending.
It is encouraging to see EU-India trade relations continuing to move forward. It is hoped this trend continues.