Substantial strides have been made in the ongoing India-EU Free Trade Agreement (FTA) negotiations, following the latest round of discussions in late June. Senior officials from the Indian Commerce Department confirm the next round of talks is set for late September.
Joint Secretary Darpan Jain detailed recent discussions covering all 21 chapters of the proposed FTA, with notable progress in government procurement, digital trade, technical barriers to trade, and goods market access. Inter-sessional meetings planned for July and August aim to sustain momentum.
Resumed in June 2022 after an eight-year hiatus, the India-EU FTA discussions have gathered considerable pace. Besides the FTA, both parties are negotiating a Trade and Investment Agreement and a Geographical Indications pact.
The EU, India’s second-largest export market after the United States, saw Indian exports grow by 1.4 percent to $75.9 billion in the 2023-24 fiscal year. Conversely, imports from the EU dropped by 2.7 percent, totaling $59.3 billion.
Concurrent FTA negotiations with the United Kingdom persist, with high enthusiasm despite recent UK leadership changes. Newly elected Prime Minister Keir Starmer expressed eagerness to finalize a mutually beneficial agreement during a recent conversation with Prime Minister Narendra Modi.
The India-UK FTA negotiations, now in their 14th round, span 26 policy areas. Discussions focus on greater market access for Indian professionals in the UK and reduced import duties on British goods like scotch whiskey and electric vehicles.
The UK, as of the last fiscal year, ranks as India’s 16th largest trading partner, with bilateral trade reaching $21.3 billion. Additionally, the UK stands as the sixth largest investor in India, while India ranks as the UK’s fifth largest investment destination.
These trade negotiations represent India’s strategic push to boost economic ties with major global partners, expanding its international market presence. Progress in these talks highlights efforts to bolster India’s economic footprint globally, fostering deeper trade relations with the EU and the UK.
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