Broad-based Trade and Investment Agreement (BTIA) is sometimes seen in the news in the context of negotiations held between India and

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Q: 82 (IAS/2017)
‘Broad-based Trade and Investment Agreement (BTIA)’ is sometimes seen in the news in the context of negotiations held between India and

question_subject: 

Current Affairs

question_exam: 

IAS

stats: 

0,75,60,75,19,29,12

keywords: 

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The correct answer is Option 1: European Union.

The Broad-based Trade and Investment Agreement (BTIA) is a proposed free trade agreement between India and the European Union (EU). The negotiations for the BTIA began in 2007, and after 16 rounds of talks, negotiations were put on hold in 2013 due to disagreements on issues such as market access, tariffs, and intellectual property rights.

The objective of the BTIA is to enhance trade and investment between India and the EU by reducing tariffs, removing non-tariff barriers, and promoting cooperation in areas such as services, investment, and intellectual property. The agreement is expected to provide a significant boost to the economies of both India and the EU and strengthen their strategic partnership.

India is a major market for the EU, with the EU being India`s largest trading partner, accounting for 11% of India`s total trade in goods and services. On the other hand, India is the EU`s ninth-largest trading partner, accounting for 2.2% of the EU`s total trade.

The negotiations for the BTIA have faced several challenges, including differences over intellectual property rights, the EU`s demands for greater access to India`s services market, and India`s concerns over EU`s non-tariff barriers, such as restrictions on the export of generic medicines. Despite these challenges, both India and the EU have expressed their commitment to continuing the negotiations.

In conclusion, the BTIA is a proposed free trade agreement between India and the European Union aimed at enhancing trade and investment between the two regions. The negotiations for the agreement have faced several challenges, but both India and the EU remain committed to continuing the talks.