India-Europe: Free trade agreement between Indo-European countries will prove to be a game changer, Foreign Minister told the importance.
Indian Foreign Minister Dr. S. Jaishankar said during the India Europe Business and Sustainability Conclave on Tuesday that the Free Trade Agreement between India and European countries would prove to be a game changer. The External Affairs Minister said that business has a primary role in bringing stability. India and Europe share multilateral, geopolitical and security concerns. The External Affairs Minister said that Europe is India’s largest and most important trade partner. New thinking about India’s trade agreements, quality, beyond trade barriers. We expect India to be the only fast growing economy in the near future.
Dr. Jaishankar said that renewable energy is important for the relationship between India and Europe when it comes to the green transition. Promotion of green economy will be beneficial in future. India ranks third in terms of setting up renewable energy plants. Let us tell you that the India Europe Business and Sustainability Conclave has started from Tuesday and it will run till March 1, 2023.
It is noteworthy that in the year 2021, there was a bilateral trade of 88 billion dollars and pounds between India and the European Union. This is close to 10 percent of India’s total trade. After the US (11.6 percent) and China (11.4 percent), India exports the maximum number of products to the countries of the European Union. The trade between India and European countries has increased by 30 percent in the last decade.
In the year 2020, about 87 billion pounds of investment came from European countries, which is more than 63 billion pounds in 2017. Thus the European Union is one of the largest investors in India. Although European Union countries have invested 201 billion pounds in China and 263 billion pounds in Brazil, which is much more than India. About 6,000 EU companies are operating in India and 1.7 million people are employed by them. Along with this, about 50 lakh people get employment indirectly.
