According to an official, high-level meetings between India and the European Union (EU) will be held this month to assess the progress of negotiations on the draft free trade agreement.
“EU officials will attend the G20 trade ministers meeting this month in Jaipur. There is a high-level meeting at the ministerial level on August 26 in the national capital between India and the EU.
“Trade Minister Sunil Barthwal is also expected to meet EU Trade Director General Sabine Weyand in Jaipur,” the official added.
These meetings will give impetus to the ongoing negotiations between the two sides on the Free Trade Agreement (FTA). The G20 Trade and Investment Ministers Meeting, chaired by India, is scheduled to take place in Jaipur on August 24-25.
So far, five rounds of negotiations have taken place on the deal. India and the 27-nation bloc resumed talks on June 17 last year after a gap of more than eight years on proposed agreements on trade, investment, and geographical indications (GIs).
India began negotiating a trade agreement with the EU in 2007, but negotiations stalled in 2013 as the two sides failed to reach an agreement on key issues including tariffs on cars and spirits as well as the mobility of professionals.
India's merchandise exports to EU member states grew to $74.5 billion in 2022-23 from around $65 billion in 2021-22. Imports also increase to $60 billion in 2022-23 from $51.4 billion in 2021-22.
The EU accounts for about 17% of India's total exports and about 8.5% of its total imports.
A geographical indication is primarily an agricultural, natural, or manufactured product (artificial and artisanal products) originating in a particular geographical territory. Usually, such a name represents a guarantee of quality and distinctiveness, essentially due to its place of origin. Besides better market access for its products such as textiles, leather, gems and jewelry, the Indian industry seeks easy access to skilled professionals in the EU market. On the other hand, the EU is interested in areas such as automotive, digital commerce, data protection, sustainability, and financial services sectors such as banking and insurance. Earlier, India asked the European Union to lift restrictions on the flow of sophisticated outsourcing operations to India following its status as a data-safe country.
