India, European Union Resume Free-Trade Deal Talks After 9-Year Gap

Monday, 27 June 2022newsdesk

India and the European Union resumed talks Monday on a free-trade deal after a nine-year gap, as Western countries seek to wean New Delhi off its close economic ties to Russia.

Delhi, 27 June New 2022

As per news report of NDTV, Dubbed the "tariff king" by ex-US president Donald Trump, India has become more open to lowering trade barriers in recent years and is negotiating pacts with several other countries. India has refused to condemn Russia's invasion of Ukraine, even increasing oil purchases from its long-standing strategic ally and biggest supplier of arms. The European Union is India's second-biggest trading partner after the United States but talks with the bloc broke down in 2013 over issues including tariff reductions and patent protection. Merchandise trade hit an all-time high of $116 billion in 2021-22, with India's exports to the 27-member European Union hitting $65 billion, according to New Delhi.

Source -NDTV