Recently India and the European Union ( EU ) concluded

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India and the European Union ( EU ) concluded the first round of talks for their proposed free trade agreement ( FTA ) and the next round of talks is scheduled at Brussels in September . The trade agreement with the EU would help India further expand and diversify its exports of goods and services, including securing the value chains . Both sides are aiming for the trade negotiations to be broad - based, balanced, and comprehensive, based on the principles of fairness and reciprocity . India and the 27 - nation bloc resumed negotiations on June 17, after a gap of over eight years, on the proposed agreements on trade, investments and Geographical Indications ( GI ). The first round of talks, which began on June 27, ended July 1 . India ’ s bilateral trade with the EU amounted to $116 . 36 billion in 2021 - 22 . At present, the EU is India ’ s second largest trading partner after the US, and the second largest destination for Indian exports . About European Union The European Union is a political and economic union of 27 member states that are located primarily in Europe . Founded : 1 November 1993