Growing protectionism to make FTA with European Union tough, say experts

As India and the European Union agreed to resume negotiations for a free trade agreement (FTA), experts believe the road ahead may not be smooth, amid growing protectionism across countries caused by the outbreak of the pandemic. 

Experts said reducing tariffs and negotiations could be complex as the markets have changed over the past few years. Besides, growing protectionism around the world has resulted in countries, including India, imposing higher tariffs on items.

“When we are talking about market access issues in the goods sector, there will be some challenges. Since the talks remained in a stalemate, our tariffs have gone up.