According to an official press release, negotiations for the Indian Union-European (EU) free trade agreement made substantial progress. The update follows the visit to the trade and the Minister of Industry Piyush Goyal in Brussels, where he had discussions with the European Commerce Commissioner Maros Sefcovic.
During the meeting, the two leaders examined the current negotiations and agreed to advance a significant significant commercial program. They emphasized the development of a mutually beneficial ale and accelerate discussions to meet global economic challenges. The meeting also provided a political orientation to the negotiation teams to accelerate the work of the commercial pact.
The 10th round of negotiations should take place from March 10 to 14 in Brussels. In the ninth round, discussions covered a range of questions, in particular goods, services, investment, government purchases, rules of origin, health and phytosanitary measures (SPS) and technical trade barriers.
India and the EU block of 27 countries resumed the talks in June 2022 after an interruption of eight years, following a break in 2013 due to unresolved differences. Since then, the two parties have worked to fill the gaps to finalize a robust agreement.
Trade between India and the EU amounted to 180 billion US dollars in 2023-2024. India exports included $ 75.18 billion in goods and $ 31.13 billion in service, while EU exports included $ 63.44 billion in products and $ 31.35 billion services. The EU also remains an important source of foreign direct investment, the cumulative IED reaching 117.34 billion US dollars.
The in progress negotiations highlight a common commitment to strengthen bilateral economic ties. With the 10th round of discussions on the horizon, the two parts are optimistic about the creation of a complete and balanced commercial pact.
Source: Economical time
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