Fourth, India could focus more on bilateral trade agreements than multilateral agreements. Negotiations on the Comprehensive Regional Economic Partnership (RCEP) have encouraged India to learn in the strongest possible terms. India`s last-minute decision to withdraw from the RCEP in 2019 was prompted by the industry`s appeal to the Modi government. In retrospect, given China`s dominance in the trade pact and India`s reluctance to open its domestic market to Chinese producers known for their subsidy and dumping practices, the decision was reasonable. One of the EU`s main objectives in its trade relations with India is to work towards a strong, transparent, open, non-discriminatory and predictable regulatory and trade environment for European companies that trade with India or invest in India, including the protection of their investments and intellectual property. The aim is to contribute to the development of the untapped potential of two-way trade between the EU and India. No more concrete roadmap has been announced for the upcoming trade and investment negotiations. Read also: Dhaka wants New Delhi to abandon «strict controls» on clothing, given that both are working on the India trade pact, which has not signed a trade agreement since 2012, to restart talks on a possible free trade agreement with the European Union and the United States. Even when the Narendra Modi government withdrew from the Comprehensive Regional Economic Partnership (RCEP), it is eager to enter into trade agreements with other economic blocs, said a leading source, adding that India could clearly gain amid growing anti-Chinese sentiment in many parts of the world. Negotiations for a comprehensive free trade agreement between the EU and India began in 2007 and suspended in 2013, with ambitions between the EU and India lacking. The EU remains committed to working towards an ambitious, comprehensive and balanced free trade agreement with India, which meets the best interests of each side and is a win-win.
Modern free trade agreements have gradually expanded their coverage of goods and services only to a wider range of policy areas such as intellectual property rights (IPRs), data relocation, climate investments, etc. While discussing a recently launched manual on deep trade agreements, World Bank economists offered the World Bank a pessimistic outlook for trade agreements amid deepening global divides.