The India-European Union Free Trade Agreement (FTA) has been a topic of discussion for many years now. The two sides started negotiations for the FTA in 2007, but due to various reasons, the talks have been stalled since 2013. However, with the recent geopolitical changes in the world, both India and the European Union (EU) are looking to revive these talks.

The FTA aims to boost trade and investment between India and the EU, which are two of the world`s largest economies. The EU is India`s largest trading partner, accounting for around 11% of India`s total trade. Similarly, India is the EU`s ninth-largest trading partner, with a total trade of around €92 billion.

If the FTA is signed, it would mark a significant milestone in the economic relationship between India and the EU. The agreement would reduce tariffs on goods and services, increase market access, and improve intellectual property rights protection for businesses.

However, negotiations have been challenging due to several issues. The EU has raised concerns about India`s high tariffs on EU goods, while India has been opposed to the EU`s strict intellectual property laws. Additionally, India is seeking easier access for its professionals to work in the EU, while the EU is pushing for greater access to India`s markets for its agricultural products.

Despite these challenges, both India and the EU seem to be showing renewed interest in the FTA. In 2020, the EU announced that it would like to restart the negotiations with India and that it is willing to discuss new issues that were not part of the original mandate.

The FTA would not only provide economic benefits to both India and the EU but would also have geopolitical significance. As both the US and China`s relations with the EU and India are strained, the agreement could help to strengthen the strategic partnership between India and the EU.

In conclusion, the India-European Union Free Trade Agreement has the potential to significantly enhance the economic relationship between India and the EU. While negotiations have been challenging, the recent geopolitical changes in the world have rejuvenated the prospects of the FTA. Both sides must work together to resolve the issues and finalize the agreement, which could have far-reaching positive effects.