Dublin: Ireland is anticipating the signing of a free trade agreement with the European Union and India. The country’s business community believes that the potential of the Indian market can be maximised by effectively implementing the new changes. It is also expected that the trade friendship with India will allow for advancements in the trade of electric vehicles and Irish whiskey.
A Free Trade Agreement between India and the European Union is being finalised. There is strong criticism that the imposition of high duties on imports into India has adversely affected trade potential. The free trade agreement is expected to solve this problem.
India has also been exempted from the 11th round of EU sanctions imposed on Russia for its involvement in the Ukraine conflict. This is expected to benefit Indian-Irish trade as well.
The decision to expand opportunities for Indian companies to enter European Union markets is very encouraging. Previously, the Indian government’s unilateral decision to terminate nearly all existing old investment protection agreements had disappointed European companies, including Ireland. This issue is expected to be resolved with the implementation of the Free Trade Agreement.
Trade in Irish whiskeys.
The business community claims that the 150% import tax has harmed the Irish whisky industry. If this rate can be reduced, Irish whiskey companies will have more opportunities to sell their products in the Indian market. They also predict that India will become the world’s second largest market for Irish whiskey. The United States is in first place.
Indian Prospects in Lithium.
Hopes have also been raised that Ireland will benefit from its relationship with India, which could even outpace China, which is currently leading in trade. The vast lithium reserves underpin China’s global trade dominance. This is the primary reason why Apple, Tesla, and other companies rely on China. They have signed a three-year lithium supply agreement with Ganfeng Lithium, a Chinese lithium producer.
However, it has recently been revealed that India has more lithium reserves than China. This is very encouraging for India and the business community in the EU, including Ireland. It is predicted that Indian lithium reserves will transform not only the production of batteries for electric vehicles but also the production of mobile phones, laptops, and other electronic devices.
Tata Group has agreed to a $1.6 billion project with the Indian government to build a lithium cell factory in connection with the production of electric vehicles. The move is expected to help reduce the country’s reliance on Chinese imports.
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