India has signed a free trade agreement with the European Union. This deal aims to boost India's exports to the 27-nation bloc. Experts say it could open new markets for Indian businesses.
Key Services in the Trade Deal
The agreement focuses on several key service sectors. India's main exports to the EU include business services. These cover consulting and professional support. Telecommunications and IT services are also major exports. Transportation services, such as shipping and logistics, play a big role too.
Imports from the European Union
On the import side, India brings in intellectual property services from the EU. This includes patents and copyrights. Telecommunications and IT services are also imported. The deal aims to balance trade flows between both regions.
Potential Impact on Indian Economy
This FTA could significantly help India's export growth. It may create more jobs in service industries. Businesses in India might expand their European operations. The agreement supports India's goal to increase global trade ties.
Officials hope the deal will strengthen economic relations. It comes at a time when India is seeking new trade partners. The EU remains a crucial market for Indian services. This step could lead to more collaborative projects in the future.
