Bilateral Trade Agreements in the Era of Globalization

Bilateral Trade Agreements in the Era of Globalization

The EU and India in Search of a Partnership

Sangeeta Khorana, Nicholas Perdikis, May T. Yeung and William A. Kerr

This unique book provides an assessment of an Indian–EU agreement, drawing on the theory of preferential agreements, the history of India–European relations and the recent refocusing of the Indian economy. The authors explore both a broad overview of the agreement as well as a detailed examination of sensitive sectors.

Preface

Sangeeta Khorana, Nicholas Perdikis, May T. Yeung and William A. Kerr

Subjects: economics and finance, international economics

Extract

While there are a plethora of preferential trade agreements that have been negotiated and then implemented since the multilateral international trade architecture was put in place with the establishment of the General Agreement on Tariffs and Trade in 1947, there has been nothing to rival the ambition of the India-European Union trade agreement that is currently being contemplated. India is a market of a billion-plus people. The 27 member countries of the European Union now comprise a market of five hundred million people. Joining these two markets in a meaningful preferential trade agreement would encompass a fifth of the world's people. That joint market would also contain some of the poorest people to be found on the globe - on the streets of Mumbai or Kolkata - as well as some of the richest - in Mumbai or London. The technology in use in the joint market runs the entire gamut from the futuristic jet engine manufacturing plants of Rolls Royce to agricultural tools that have not changed over three millennia. While the European Union remains a work in process as the twelve new countries that have been added in the last decade are still being fully integrated into the single market, in many ways the Indian federation also remains a work in progress with a constant ebb and flow of influence between the regional focus of the states and the central governments. Hence, while the European Commission and the Indian government will undertake the negotiations, many governments will want...