The Commerce Ministry on Saturday stated that India and the European Union (EU) concluded the primary spherical of talks for his or her proposed free commerce settlement (FTA) on Friday and the following spherical of talks is scheduled at Brussels in September.
India and the 27-nation bloc resumed negotiations on June 17, after a niche of over eight years, on the proposed agreements on commerce, investments and Geographical Indications (GI). The first spherical of talks, which started on June 27, ended July 1.
India’s FTA negotiations had been led by Chief Negotiator Nidhi Mani Tripathi, Joint Secretary within the Department of Commerce and the EU was represented by its Chief Negotiator Christophe Kiener, the ministry stated in a press release. The week-long negotiations had been held in a hybrid style – with a few of the groups assembly in Delhi and the vast majority of officers becoming a member of just about.
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During the primary spherical, 52 technical periods protecting 18 coverage areas of FTA and 7 periods on funding safety and GIs had been held, it added.
India’s bilateral commerce with the EU amounted to $116.36 billion in 2021-22. At current, the EU is India’s second largest buying and selling associate after the US, and the second largest vacation spot for Indian exports. “The trade agreement with the EU would help India further expand and diversify its exports of goods and services, including securing the value chains. Both sides are aiming for the trade negotiations to be broad-based, balanced, and comprehensive, based on the principles of fairness and reciprocity,” it added.
With inputs from PTI
