(MENAFN- KNN India)
New Delhi, Jul 16 (KNN) India and the European Union (EU) have made significant progress on key issues surrounding their proposed free trade agreement (FTA) during the latest round of negotiations held in late June.
The next round of talks is scheduled for late September, according to a senior Indian commerce department official.
Joint Secretary Darpan Jain reported that discussions covered all 21 chapters of the FTA, with notable advancements in areas such as government procurement, digital trade, technical barriers to trade, and goods market access. Inter-sessional meetings are planned for July and August to maintain momentum.
The upcoming September talks will mark the ninth round of negotiations since India and the EU resumed FTA discussions in June 2022, following an eight-year hiatus.
Alongside the FTA, the two parties are also negotiating a Trade and Investment Agreement and a pact on Geographical Indications.
The EU remains India's second-largest export market after the United States. In the 2023-24 fiscal year, Indian exports to the EU grew by 1.4 per cent to USD75.9 billion, while imports from the EU decreased by 2.7 per cent to USD 59.3 billion.
Parallel to the EU negotiations, India is also engaged in FTA talks with the United Kingdom.
The recent change in UK leadership has not dampened enthusiasm for the deal, with newly-elected Prime Minister Keir Starmer expressing readiness to conclude a mutually beneficial agreement during a recent conversation with Prime Minister Narendra Modi.
The India-UK FTA negotiations, currently in their 14th round, cover 26 policy areas.
Key points of discussion include greater access for Indian professionals to the UK market and reduced import duties on British goods such as scotch whiskey and electric vehicles.
As of the last fiscal year, the UK was India's 16th largest trading partner, with bilateral trade reaching USD 21.3 billion. The UK also stands as the sixth largest investor in India, while India ranks the UK as its fifth largest investment destination.
These ongoing trade negotiations reflect India's efforts to strengthen its economic ties with major global partners and expand its presence in international markets.
(KNN Bureau)
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