India for no tariffs on textile, apparel in EU free trade deal
India for no tariffs on textile, apparel in EU free trade deal
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | February 26, 2024 | Economy
Syllabus: GS-III
Subject: Economy
Topic: Trade and External Sector
Issue: India-EU FTA
Context: Ongoing negotiations for a free-trade agreement (FTA) between India and the European Union.
- The European Union (EU) , the United States and West Asian countries, are the major export destinations for Indian garments.
- The EU is the second largest export destination for India, after the US.
Free Trade Agreement (FTA)
A free trade agreement reduces barriers to imports and exports between countries by eliminating all or most tariffs, quotas, subsidies, and prohibitions. India-EU FTA: ● It is a proposed trade agreement. ● In 2021, the EU and India agreed to resume negotiations for the FTA which are ongoing. |
Source: Mint
Leave a Reply
You must be logged in to post a comment.