India Dismisses Rumours Of FTA Negotiation Halt, Confirms Progress With EU And UK
Date
11/18/2024 2:09:50 PM
(MENAFN- KNN India)
New Delhi, Nov 18 (KNN) A high-ranking government official has dismissed reports suggesting India's free trade agreement (FTA) negotiations have been suspended, emphasising that all discussions, particularly with the United Kingdom and European Union, are proceeding according to plan.
The commerce Ministry is set to advance EU trade talks in the coming weeks through a bilateral meeting between the commerce secretary and the EU's Director-General.
The officials will assess the progress of negotiations and convene as part of the Trade and technology Council.
Beyond European partnerships, India is actively pursuing trade agreements with multiple nations, including Australia, Peru, Sri Lanka, and Oman.
These FTAs aim to reduce or eliminate customs duties on traded goods while facilitating service sector trade and investment opportunities. India has already implemented similar agreements with Japan, Korea, Singapore, and the United Arab Emirates.
Regarding specific negotiations, talks with Peru are temporarily paused pending the completion of India's new FTA strategy document.
This standard operating procedure, expected to be finalised by year-end, will establish standardised negotiation protocols for future trade agreements.
The ministry also reported that while comprehensive economic partnership agreement discussions with Oman concluded in March 2024, additional deliberations are continuing to refine the agreement's details.
(KNN Bureau)
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