India is hoping to work together in a spirit of understanding so that the two sides can conclude a fair and balanced free trade agreement, he added. The minister is currently on a two-day visit to Qatar to boost India’s bilateral trade and investment ties with the Gulf nation. He is accompanied by a team of officials and a business delegation to explore new opportunities for deepening economic relations.
"Once this round gets over, Commerce Secretary, Rajesh Agrawal, will be going to Brussels to meet his counterpart, DG Sabine Weyand by the end of this week. After that, we will be working out what are the next steps," Goyal said. EU President Ursula von der Leyen and Prime Minister Narendra Modi has set the target to conclude the FTA by the end of this year. Goyal said that both sides will make every effort complete the negotiations before the deadline.
"The innovation and technology base of the European Union holds tremendous potential for Indian businesses, and jointly, the EU and Indian companies can leverage each other's strengths so that we can serve the world together," he remarked. A team of Indian officials, led by Special Secretary in the Department of Commerce, L Satya Srinivas, is in Brussels for the 14th round of negotiations. 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.
Piyush Goyal is expected to visit Brussels on October 27-28 to take the talks further. The proposed India-EU free trade agreement covers 23 policy areas, or chapters, of which at least two – market access and rules of origin – have yet to be resolved. EU Ambassador Herve Delphin said last week that India and the EU should use the free trade agreement (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 said. “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 2nd and the 4th largest economies in the world, he added.
About The Author
Comment List