Commerce Secretary Anup Wadhawan has said that the time frame to resume negotiations for the stalled free trade agreement (FTA) with the European Union (EU) and to initiate fresh talks for a pact with the UK will be ‘very early’ and the talks will start soon after completion of the preparatory work. He expressed hope that within this year, or close to the end of the year, the negotiations with both the regions should start.
Wadhawan has stated that the preparatory work is going to be some more elaborate since the negotiations are starting for the first time and with the EU also, some amount of preparatory work has to happen because there was long disruption in the negotiations. He noted that the proposed free trade agreement with the EU, officially dubbed as Broad-based Trade and Investment Agreement (BTIA), has been stalled since May 2013 as both sides are yet to iron out differences over several issues.
Last month, the UK government stated that it has kicked off preparations for a free trade agreement with India, launching a 14-week consultation to seek the views of the public and business before formal negotiations begin later this year. With the EU, Commerce Secretary said that at the highest level, a clear agreement was there on resumption of negotiations, tracks on which talks will happen, and a clear resolve to expedite finality in the negotiations at an early date.