India has one of the largest and fastest-growing economies in the world and is a key participant in the administration of the global economy. India is already a big trade and investment partner for the EU and has the potential to become even more so. With an IMF-projected annual GDP growth rate of nearly 8%, it represents a big and vibrant market and would be the fastest-growing emerging economy. With 2.1% of the EU's overall goods trade, India ranks as the tenth largest trading partner. In this article, we will discuss the commodities that European countries traded with India.
India and Europe Trade 2022
India's third-largest trading partner is the EU, which will account for €88 billion in goods trade in 2021, or 10.8% of all trade with India. With 2.1% of the EU's overall goods trade, India ranks as the tenth largest trading partner according to the International Trade Data
The European Union reopened talks for a Free Trade Agreement with India on June 17, 2022. Additionally, separate talks for an Investment Protection Agreement and an Agreement on Geographical Indications were opened (GIs).
According to International Trade Data, India's third-largest trading partner is the EU, which will account for €88 billion in goods trade in 2021, or 10.8% of all trade with India. With 2.1% of the EU's overall goods trade, India ranks as the tenth largest trading partner. In 2020, the EU and India exchanged €30, 4 billion worth of services.
The objectives of the trade talks are
- Taking down barriers and encouraging EU businesses, particularly smaller ones, to export more
- Open up the marketplaces for services and public procurement
- Make sure geographic indications are protected.
- Make bold promises on commerce and sustainable development.
- Make sure the established regulations are upheld.
- Non-discrimination;
- Protection against expropriation without compensation
- Transfer of returns.
With 2.1% of the EU's total goods trade in 2021, India ranked tenth in terms of trading partners, well behind China (16.2%), the USA (14.7%), and the UK (10%).
Over the past ten years, trade in commodities between the EU and India has expanded by roughly 30% In 2020, the EU and India exchanged €30,4 billion worth of services.
According to European Union Trade Data, the EU is now the largest foreign investor in India with a proportion of foreign investment stock in India of €87.3 billion in 2020, up from €63.7 billion in 2017. Despite being a sizable amount, it is far less than the EU's foreign investment holdings in China (€201.2 billion) or Brazil (€263.4 billion).
Approximately 6,000 European businesses operate in India, generating 1.7 million direct jobs and an additional 5 million indirect jobs.
What European Countries Traded with India?
According to the European Union Trade Data, there are several products or commodities that are exported and imported by European countries. Some of the major products are-
India’s Top Agri Export to European Union
- Frozen shrimps and prawns
- Molluscs
- Cashew nuts, without shell, fresh or dried
- Grapes fresh
- Coffee
- Rice, husked (brown)
- Sesamum seeds
- Castor oil&its fractions
- Soya-bean oil-cake
- Tobacco, unmanufactured
India’s Top Agri import from European
- Whey
- Seeds, vegetable, for sowing
- Olive oil
- Oils & other fraction obt from olives, ,incl
- blends
- Lactose and lactose syrup
- Chocolate and other food preparations
- containing cocoa
- Food preparations
- ethyl alcohol
- Whiskies 10
- Animal feed preparations
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