For more information on the EU-India strategic partnership, including trade and investment, see the EU`s new india strategy, adopted on 20 November 2018, as well as the Council`s conclusions. Vietnam, which is becoming a huge competition for many economies, has already signed a trade pact with the EU. Read also: The India-EU summit focuses on coronavirus, sensitive trade issues It is remarkable that India has forged great free trade alliances with Asian countries (ASEAN, Japan and Korea) around the GJ10. Despite this, the share of these markets in Indian exports has declined over the past ten years, from 51% to 46%. While over the same period, the share of our exports from traditional markets such as the United States and Europe increased from 38% to 43% when it did not have a free trade agreement with any of the countries in the region. As governments around the world increasingly reset their approach to trade agreements amid the coronavirus pandemic, the Narendra Modi government is stepping up efforts to renew India`s trade relations with the rest of the world by revising its free trade agreement or strategy for a free trade agreement or free trade agreement. These include reviewing and renegotiating existing free trade agreements with ASEAN, Japan and Korea, as well as strengthening trade alliances with the European Union, the United Kingdom, the United States and Australia. Fifth, it is essential for India to carefully select its new free trade partners. While the focus should be on countries with greater trade complementarity, making the EU, the UK and the US natural allies, it must be kept in mind that these countries are tough negotiators. The India-EU free trade agreement has been on hold since 2007, as there is no consensus on sectors such as automotive, alcoholic beverages, dairy and fishing services, RRI and fashion 1 (ITES/BPO) and fashion 3 (specialist professionals). While Trade and Industry Minister Piyush Goyal hopes for a limited trade agreement with the United States after the U.S. presidential election, a full-fledged free trade agreement with the United States is a remote possibility if conflicts such as pharma, data security and agriculture are not sorted. However, increased cooperation in new areas such as artificial intelligence, green technology, digital and medical equipment should lead to a more balanced outcome.
As you know, the United States is a difficult negotiator, as we have seen recently. Other Asian nations looking at trade agreements with the West, Vietnam has already colored today a Finnish foreign minister, Alexander Stubb, said it would only increase after the signing of the free trade agreement between India and the European Union, which has been the subject of many discussions. However, in this context, exacerbated by the fact that most countries are cautiously following their trade strategy, India must focus on far-reaching free trade agreements with trading partners that offer maximum trade complementarities, particularly in the United States and the EU. In the United States, our untapped export potential as a percentage of current exports is around 60%, compared to 90% for the EU. At the EU-India summit in Marseille on 29 September 2008, the EU and India agreed to intensify their cooperation in the areas of nuclear energy and the environment and deepen their strategic partnership.