India-EU trade talks to resume in September : Both sides aim the negotiations to be broad-based, balanced and comprehensive

Both sides aim the negotiations to be broad-based, balanced and comprehensive

The week-long negotiations were held in a hybrid fashion — with some of the teams meeting in Delhi and the majority of officials joining virtually: Representational picture

TT Special Correspondent   |   New Delhi   |    03.07.22  : India and the European Union will resume their second round of discussion for a comprehensive free trade agreement in September in Brussels. Commerce ministry officials said the first round of talks, which concluded on Friday, was quite positive and expressed optimism that the next round could see progress in the trade talks.

“The trade agreement with the EU would help India in further expanding and diversifying 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,” the ministry said in a statement on Saturday.

The week-long negotiations were held in a hybrid fashion — with some of the teams meeting in Delhi and the majority of officials joining virtually. During this round, 52 technical sessions covering 18 policy areas of FTA and seven Sessions on Investment Protection and GIs were held, it added.

Officials said both sides focused on the “deliverables” during the course of the negotiations, before moving on to contentious matters. Duty-free access to the EU market for labour-intensive industries, mainly textiles and garments, was among India’s key demands.

India and the 27-nation bloc resumed negotiations on June 17, after a gap of over eight years, on the proposed agreements on trade, investments and Geographical Indications (GI).

India had started negotiations for a trade pact with the EU in 2007, but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits, and the movement of professionals.

A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory. Typically, such a name conveys an assurance of quality and distinctiveness, which can be attributed to the place of origin.