New Delhi: High-level meetings between India and the European Union (EU) will be held this month to take stock of the progress of talks on the proposed free trade agreement, according to an official.
“The EU officials are coming for the G20 trade ministers meeting this month in Jaipur. There is a high-level meeting at the minister level August 26 in the national capital between India and the EU.
“Commerce Secretary Sunil Barthwal is also likely to meet EU Director General for Trade Sabine Weyand in Jaipur,” the official added.
These meetings would give an impetus to the ongoing negotiations between the two sides on the free trade agreement (FTA).
The G20 Trade and Investment Ministerial Meeting, under India’s G20 Presidency, is scheduled at Jaipur August 24-25.
So far, five rounds of talks have been held on the agreement.
India and the 27-nation bloc resumed negotiations June 17 last year after a gap of over eight years on the proposed agreements on trade, investments and Geographical Indications (GI).
India had started negotiations for a trade pact with the EU in 2007, but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits and the movement of professionals.
India’s merchandise exports to EU member countries have increased to $74.5 billion in 2022-23 from about $65 billion in 2021-22. Imports also rose to $60 billion in 2022-23 from $51.4 billion in 2021-22.
The EU accounts for about 17 per cent of India’s total exports and about 8.5 per cent of the country’s total imports.
A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory. Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.
Besides greater market access for its products like textiles, leather, gems and jewellery, the Indian industry is looking for easy access for skilled professionals in the EU markets. On the other hand, the EU side has an interest in areas like auto, digital trade, data protection, sustainability and financial services sectors like banking and insurance.
Earlier, India asked the European Union to lift restrictions on the flow of sophisticated outsourcing business to India following the status of a data-secure country.
PTI