EU trade commissioner likely to visit India next month; may meet Goyal on FTA

New Delhi, Aug 27 (PTI) European Commissioner for Trade Maros Sefcovic is likely to visit India next month to take stock of the progress of free trade agreement negotiations with Commerce Minister Piyush Goyal, an official said on Wednesday.

The official said the visit is expected towards the end of the 13th round of negotiations, which is scheduled from September 8 here.

As there is a deadline to conclude the negotiations by the end of this year, this round of talks is important.

"Quite a bit of movement should be there in this round of talks," the official said, adding that the guidance will be taken from the ministers to resolve the remaining issues, as they may require a political call.

The 12th round of talks concluded in Brussels.

In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on geographical indications (GIs) after a gap of over eight years.

It stalled in 2013 due to differences on the level of opening up of the markets.

On February 28, Prime Minister Narendra Modi and the European Commission President agreed to seal a much-awaited free trade deal by the end of this year.

Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in products like wine, spirits, meat, poultry, and a strong intellectual property regime.

Indian goods' exports to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact is concluded successfully.

The India-EU trade pact negotiations cover 23 policy areas or chapters, including Trade in Goods, Trade in Services, Investment, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defence, Government Procurement, Dispute Settlement, Intellectual Property Rights, Geographical Indications, and Sustainable Development.

India's bilateral trade in goods with the EU was USD 137.41 billion in 2023-24 (exports worth USD 75.92 billion and imports worth USD 61.48 billion), making it the largest trading partner for goods.

The EU market accounts for about 17 per cent of India's total exports, while the EU's exports to India make up 9 per cent of its total overseas shipments.

In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at USD 51.45 billion. PTI RR CS RR BAL BAL