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by IANS |
New Delhi, Oct 6 (IANS) India and the European Union will begin the 14th round of negotiations for the proposed Free Trade Agreement (FTA) in Brussels on Monday, senior officials said.
The fresh round of talks between senior officials will extend over a period of five days. This will be followed up by another meeting between Commerce Minister Piyush Goyal and his EU counterpart Maros Sefcovic in South Africa on the sidelines of the G20 trade commissioners’ summit.
The proposed India-EU FTA covers 23 policy areas, or chapters, of which at least two – market access and rules of origin – have yet to be resolved.
EU Ambassador Hervé Delphin said on Saturday that India and the EU should use the FTA to increase bilateral trade and investment at a time when “some countries” are raising tariffs or otherwise closing their markets, in an oblique reference to the US.
“The FTA can open new opportunities for EU and Indian businesses and create conditions to significantly increase our bilateral trade and investment. While some countries are raising tariffs or otherwise closing their markets, we should use the FTA to diversify trade, hedge against uncertainties and strengthen our supply chains,” he added.
He highlighted that EU President Ursula von der Leyen and PM Modi set the objective to conclude the FTA by the end of this year. The negotiating teams are working hard to deliver it but it’s fair to say the negotiations are challenging and important issues remain to be resolved, he added.
“The EU is ready to conclude a meaningful package. We look forward to the next round and further negotiations towards a mutually beneficial deal,” Delphin said.
Delphin further highlighted that the EU is India’s top trading partner, with bilateral trade in goods of EUR 120 billion, ahead of the US and China.
"Adding services, our bilateral trade has reached EUR 180 billion. This is an impressive figure, but there is a huge potential for growth considering that the EU and India are the second and the fourth-largest economies in the world. To unlock this untapped potential EU and India are negotiating the FTA," he added.
Commerce Minister Piyush Goyal recently said, "We remain committed to achieving a balanced and mutually-beneficial FTA, opening new avenues for businesses and maximising opportunities for the shared growth of India and the EU."
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