Functions
The Division deals with India’s trade and economic cooperation with 38 Countries of Europe region comprising European Union, EFTA and 7 other European countries: –
- European Union : (27 countries):
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, and Sweden
- European Free Trade Association (EFTA) (4 countries):
Iceland, Liechtenstein, Norway and Switzerland
- Other European Countries (7 countries) Albania, Bosnia-Herzegovina, North Macedonia, Montenegro, Serbia, Turkey and UK
Trade Statistics of the Territory
Merchandise Trade with EU, EFTA, and Other European Countries
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7 Other European countries including UK
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Total bilateral merchandise trade with
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*(A) Alert indicates that figures are based on Quick Estimates; and are yet to be final.
India’s major trading partners of Europe
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Total merchandise trade (USD Billion)
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*(A) Alert indicates that figures are based on Quick Estimates; and are yet to be final
Investments
FDI in India from Europe
EU continues to be one of the largest sources of Foreign Direct Investment (FDI) for India with FDI inflows from the EU to India valued at USD 107.27 Bn. from Apr 2000-December 2023. The FDI from EFTA and other European Countries in the same period
is valued at USD 45.82 billion. (Europe’s total- US $ 153.09 Bn.)
ODI from India to Europe:
ODI outflows to the EU from India is valued at USD 40.04 Bn. from Apr 2000-March 2024. The ODI to EFTA and other European Countries in the same period is valued at USD 27.23 billion. (Europe’s total- USD 67.27 Bn.)
Trade Agreement and Negotiations
EU-India and EU had announced resumption of negotiations for a comprehensive, balanced and mutually beneficial Free Trade Agreement in the India-EU Leaders Meeting in Porto on 8th May 2021. After formal launch of the negotiations in June 2022, seven rounds of negotiations have been held so for. The 8th Round of the negotiations is scheduled to be held in June 2024.
EFTA– The Trade and Economic Partnership Agreement (TEPA) was signed between India and EFTA States (Switzerland, Iceland, Liechtenstein, Norway) on 10th March 2024 at New Delhi.
UK– India and the UK have launched Free Trade Agreement (FTA) negotiations on 13th January 2022. Both sides are committed for early conclusions of the negotiations and signing of the FTA.
Investments
Joint Committees/Joint Commissions have been set up with several European countries, viz., Austria, Belgium-Luxembourg, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Finland, France, Greece, Italy, Netherland, Norway, Portugal, Romania, Serbia, Slovak Republic, Slovenia, Spain, Switzerland, Turkey and UK. Recently the following meetings were held
Meetings under Institutional Mechanism held recently
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12th Session of India-SpainJoint Commission forEconomic Cooperation.
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1st Meeting of India-EU Trade & Technology Council
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16th Session of the India-Austria Joint Economic Commission
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11th Session of the India-Slovakia Join Economic Committee
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3rd Meeting of India-EU High Level Dialogue on Trade & Investment
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Virtual stock-take meeting of India-EU Trade & Technology Council
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19th Session of India-Switzerland Joint Economic Commission
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12th Session of India-Czech Republic Joint Commission for Economic Cooperation
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18th session of India-Belgium-Luxembourg-EU Joint Commission
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