India to resume FTA talks with European Union on 17 June
Premium- Piyush Goyal said the effort was to provide market access and new opportunities for the country’s exporters
NEW DELHI : India will resume negotiations with the European Union (EU) on a free trade agreement (FTA) on 17 June, said the union minister for commerce and industry, Piyush Goyal in Kochi on Monday.
He said the effort was to provide market access and new opportunities for the country’s exporters.
Noting that FTAs have been finalized with the UAE and Australia, Goyal said that negotiations are in progress for such agreements with the UK and Canada.
“FTA negotiations with the EU will begin in Brussels on the 17th of this month,“ he said.
Last month, EU trade commissioner Valdis Dombrovskis said that the talks on the trade deal between India and the EU would restart soon.
India-EU FTA negotiations had been on the back burner after they were started in May 2013. However, an anti-China sentiment and the need for de-risking the supply chain amid geopolitical uncertainties have reignited several stalled trade talks this year.
The EU is expected to seek duty concessions for automobiles, dairy products, and wines and spirits, while India wants greater market access in financial services and mobility for professionals. Besides, the EU could also seek concessions that India has extended to other FTA partner nations.
Under the FTA, India wants the EU to conclude agreements on investment protection and geographical indicators accounting for nearly 15% of Indian exports, which jumped 59% year-on-year in April-January to $50.7 billion.