India-EU FTA Talks Progress; Negotiations Aim For Early Conclusion By December
India and the EU concluded the 14th round of FTA talks in Brussels, aiming to resolve differences on goods and services. The Commerce Secretary joined the negotiations, targeting a December agreement.
- India, EU conclude 14th round of free trade agreement talks.
- Negotiations aim to resolve differences on goods and services.
- Both sides target pact conclusion by December 2024.
New Delhi: Senior officials of India and the 27-nation European Union (EU) concluded the 14th round of talks for a proposed free trade agreement in Brussels, an official said.
The five-day talks began on October 6 to iron out differences on different issues related to goods and services for the early conclusion of the negotiations, the official said.
The Indian negotiators were later joined by Commerce Secretary Rajesh Agrawal in the closing days of the round for providing a push to the negotiations.
Agrawal held discussions with European Commission Director General for Trade Sabine Weyand during the visit.
Commerce and Industry Minister Piyush Goyal recently expressed hope that the two sides will sign the agreement soon. The minister is also expected to visit Brussels to meet his EU counterpart Maros Sefcovic to review the progress.
Both sides have targeted to conclude negotiations by December.
In June 2022, India and the EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after a gap of over eight years. It was stalled in 2013 due to differences on the level of opening up markets.
Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in other products like wine, spirits, meat, poultry, and a strong intellectual property regime.
Indian goods' exports to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through.
The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, trade in services, investment, sanitary and phytosanitary measures, technical barriers to trade, trade remedies, rules of origin, customs and trade facilitation, competition, trade defence, government procurement, dispute settlement, intellectual property rights, geographical indications, and sustainable development.
India's bilateral trade in goods with the EU was USD 136.53 billion in 2024-25 (exports worth USD 75.85 billion and imports worth USD 60.68 billion), making it the largest trading partner for goods.
The EU market accounts for about 17 per cent of India's total exports, and the bloc's exports to India constitute 9 per cent of its total overseas shipments.
In addition, the bilateral trade in services between India and the EU was estimated at USD 51.45 billion in 2023.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
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