“Today we formally resume EU-India negotiations towards a free trade agreement, and begin negotiations on an investment protection agreement and an agreement on geographical indications,” EU commerce commissioner Valdis Dombrovskis mentioned
“Today we formally resume EU-India negotiations towards a free trade agreement, and begin negotiations on an investment protection agreement and an agreement on geographical indications,” EU commerce commissioner Valdis Dombrovskis mentioned
India and the European Union (EU) lastly restarted the negotiations for the long-pending commerce and funding settlement on Friday after a spot of over eight years.
The negotiations came about in Brussels, over a 12 months after India and the EU introduced to renew the talks for a balanced and complete commerce pact.
“Minister (Piyush) Goyal and I have just concluded a productive meeting. Today we formally resume EU-India negotiations towards a free trade agreement, and begin negotiations on an investment protection agreement and an agreement on geographical indications,” EU commerce commissioner Valdis Dombrovskis mentioned.
In a press release, he described the EU’s partnership with India as “one of the most important relationships” for the 27-nation bloc for the upcoming decade.
Mr. Dombrovskis mentioned the subsequent spherical of negotiations on the FTA will happen from June 27 to July 1 in New Delhi.
“We are pursuing an ambitious timeline, and we aim to conclude the talks by the end of 2023. These far-reaching negotiations on trade, investment protection and geographical indications open a new and exciting chapter in EU-India relations,” the EU commerce commissioner mentioned.
“Together, we aim not only to boost economic growth and job creation, but also promote our shared values, work to protect the climate, and secure our supply chains,” he added.
Mr. Dombrovskis mentioned the “ultimate goal” is to maximise the appreciable, but largely untapped commerce and funding potential between the EU and India.
“We are already major trading partners, with annual trade of 120 billion Euro. The EU is India’s third-largest trade partner, accounting for almost 11 per cent of Indian trade in 2021,” he mentioned.
India is the EU’s tenth most necessary buying and selling associate, accounting for over two per cent of EU commerce in 2021.
“Liberalising trade and investment will thus generate significant opportunities for growth, also in areas going beyond trade in goods, notably services and digital trade, intellectual property and public procurement,” Mr. Dombrovskis mentioned.
“As with all EU trade agreements, the future arrangement would include ambitious and enforceable provisions on trade and sustainable development,” he mentioned.
The EU commerce commissioner mentioned the funding safety settlement ought to considerably enhance investor confidence on each side and expressed his confidence that it’ll result in will increase in overseas direct funding in each instructions.
“This increased investment is also important for employment. Existing investments between us already contribute to over 1.3 million (13 lakh) jobs, and there is good scope for building on this foundation,” he mentioned.
Mr. Dombrovskis mentioned the EU and India additionally share the same method on the subject of defending geographical indications.
“So, the Geographical Indications Agreement, once concluded, will support rural communities and help preserve the cultural and culinary heritage of both sides,” he mentioned.
“We believe these negotiations will open new ways to deepening our Strategic Partnership, helping to secure our joint prosperity, and promote our shared values,” he mentioned.
In April, EU Ambassador to India Ugo Astuto had mentioned India and the EU are eyeing to agency up the great commerce and funding pact earlier than the graduation of the electoral cycles on each side in 2024.
The negotiations for the bold free-trade settlement have been suspended in 2013 after a number of rounds of talks spanning six years.
Launched in June 2007, the negotiations for the proposed settlement have witnessed many hurdles as each side had main variations on essential points.
The talks have been stalled after the 2 sides did not iron out the variations associated to tariffs on sure items and the motion of pros.
Besides demanding important obligation cuts in cars, the EU wished a tax discount in wine, spirits and dairy merchandise, and a powerful mental property regime.
Source: www.thehindu.com
