It is remarkable that India has forged major free trade alliances with Asian countries (ASEAN, Japan and Korea) around the GJ10. Despite this, the share of these markets in Indian exports has declined over the past decade, from 51% to 46%. Over the same period, the share of traditional markets such as the United States and Europe in our exports increased from 38% to 43%, although none of the countries in the region have concluded a free trade agreement. Vietnam, which is becoming a huge competition for many economies, has already signed a trade pact with the EU. There are a number of issues that need to be considered in India`s approach to free trade agreements and trade agreements in general. At the India-EU summit in July, Prime Minister Narendra Modi called for a further strengthening of relations with the EU, covering several areas of mutual interest, including trade, investment and climate change. However, both sides tried to revive trade talks earlier this year, when Covid-19 hit and forced authorities to shift the focus on fighting the pandemic. The EU continues to work with India to ensure that such an agreement is economically viable, provides both parties with genuine new market openings in all sectors, contains a strong rules-based track and contains a comprehensive chapter on trade and sustainable development, including addressing social and environmental impacts. In the meantime, the EU is ready to consider opening negotiations for a stand-alone investment protection agreement that would enhance legal certainty for investors on both sides. India and the European Union vowed on Wednesday to deepen trade relations, with the two sides agreeing to set up a high-level ministerial dialogue on trade and investment. At present, India`s trade regime and regulatory environment remain relatively restrictive.
Technical barriers to trade (TBT), sanitary and phytosanitary (SPS) measures, derogations from international standards and agreements, and discrimination based on legislative or administrative measures by India affect a wide range of sectors, including goods, services, investment and government procurement. . . .