In a stunning turnaround, India and the European Union recently revived negotiations for a free trade agreement after talks halted nearly a decade ago.
Still, India is known to be wary of trade pacts and has walked away from previous deals before.
But recent trends and current developments seem to indicate that the"Modi government is gearing up to be a part of the regional and multilateral architecture," according to Rahul Mishra, senior lecturer at the Asia-Europe Institute of University of Malaya in Kuala Lumpur.in May 2022 and trade talks with the UK, in addition to the already signed trade pacts with Australia and UAE indicate the sense of urgency with which the Modi government is approaching trade pacts," he said.
While an agreement with the EU is more complex than one with an individual country, the trade deal will help companies in the 27-member bloc to access the large Indian market and diversify their supply chains, said Arpita Mukherjee, professor at the Indian Council for Research on International Economic Relations."India can use an EU-type agreement to initiate domestic reforms, improve standards and processes, which will lead to overall global competitiveness of our firms," she added.
"I believe it would take them at least two years more to finalize the deal. EU's non-tariff barriers, labor and phytosanitary norms are going to be a challenge, while India's sensitivities with regard to its agriculture sector might create hurdles," for the deal to move forward quickly, he added.
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