An official Indian team from the Ministry of Commerce Visit Brussels this week for the next series of negotiations on the Commercial Agreement with the European Union (EU). This visit comes in the context of the eleventh cycle of talks recently concluded between the chief negotiators of the two parties on May 16 in the national capital.
“We are looking for an early harvest. We try to do it as soon as possible … Targeting by July for an early harvest,” added the official.
The two parties agreed to conclude the two -phase agreement due to the uncertain global commercial environment, in particular due to American tariff actions under President Donald Trump.
India has followed the practice of negotiating commercial pacts in two phases with Australia.
The first harvest pact would lead to a full-fledged free trade agreement. In addition to requiring significant rights reductions in cars and medical devices, the EU wishes a tax reduction in products such as wines, spirits, meat, poultry and an intellectual property regime. Exports from Indian products to the EU, such as ready -to -use clothing, pharmaceutical products, steel, petroleum products and electric machines, can become more competitive if the pact is successfully concluded.
In June 2022, India and the EU block of 27 countries resumed negotiations for a complete free trade agreement, an investment protection agreement and a pact on geographic indications (GIS) after a difference of more than eight years.
He stalled in 2013 due to differences on the market opening level.
On February 28, Prime Minister Narendra Modi and the President of the European Commission agreed to conclude a highly anticipated free trade agreement by the end of this year.
Negotiations of the India-EU commercial commercial cover cover 23 political areas or chapters, in particular trade in goods, trade in services, investment, health and phytosanitary measures, technical obstacles to trade, commercial appeals, rules of origin, customs and trade facilitation, competition, commercial defense, the purchase of government, settlement of disputes, intellectual property rights, sustainable development.
The bilateral trade of India with the goods with the EU was 137.41 billion USD in 2023-24 (exports worth 75.92 billion USD and imports worth 61.48 billion USD), which makes them the largest trading partner for goods.
The EU market represents approximately 17% of the total exports of India, while EU exports to India represent 9% of its shipments abroad.
In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at 51.45 billion USD.
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