India and the European Union (EU) will soon seal the deal followed by a second tranche of trade agreement with Australia and the US to meet an ambitious end of year deadline.
New Delhi: India and the European Union (EU) will soon seal the deal followed by a second tranche of trade agreement with Australia and the US to meet an ambitious end of year deadline. However, both India and the EU are seeking to resolve differences over agriculture, dairy and non-tariff barriers in the final deal, a top source said on Wednesday.
Amid the buzz of the US and India’s positive trade settlement on tariff issues, the source further said that India will negotiate the deal with the European Union in its 13th round of free trade agreement (FTA) talks this week. “On September 12-13, the EU’s top negotiators — trade commissioner Maros Sefcovic and agriculture & food commissioner Christophe Hansen will meet their India counterpart commerce minister Piyush Goyal to take stock and power up business ties between the two countries,” the source said.
Besides the trade deal, the source also said that both the nations are also in the process of firming up a series of transformative initiatives including a new politico-strategic vision and key foundational frameworks to expand defence ties that came against the backdrop of increasing geopolitical uncertainty. “Negotiations on several key chapters including rules of origin and market access are yet to be concluded,” the source said.
The EU is expected to unveil its new strategic vision for ties with India on September 17, with formal adoption likely at the annual summit, which is scheduled to be held in India early next year. India's main exports to the EU include a diverse range of products, with a strong emphasis on machinery and appliances, transport equipment, chemicals, and textiles. India is also a major exporter of diesel to Europe, and trade in gems, jewellery, and pharmaceuticals is also substantial.
Meanwhile, Goyal also said that India is in ‘active dialogue’ with the United States for a free trade agreement. “Negotiations are going on with the European Union as well in the national capital for concluding a trade agreement. Besides, we are in active dialogue with the USA and New Zealand for a trade agreement,” Goyal said at an event here.
