Sitharaman says India-EU trade agreement will raise exports and jobs in labour-intensive sectors

Key facts

• Union Finance Minister Nirmala Sitharaman said the India-EU trade agreement could boost exports and employment in labour-intensive sectors such as footwear, textiles, toys and processed products, largely linked to micro and small enterprises.
• Under the agreement, India has opened 92.5 per cent of its tariff lines and around 97 per cent of tariff value, while the European Union has opened 99 per cent in value terms and possibly 97 per cent of tariff lines.
• Sitharaman stated that negotiations on the India-US trade agreement have reached a 'plateau', with further concessions from either side difficult, though talks are still ongoing.
• Sitharaman made these remarks at the Munich Leaders Meeting.