Balanced, mutually-beneficial FTA win-win situation for both India, EU: RS Dy chairman Harivansh

New Delhi, Oct 29 (PTI) Rajya Sabha Deputy Chairman Harivansh expressed confidence on Wednesday that the India-EU Free Trade Agreement (FTA) will be completed soon and a balanced, mutually-beneficial deal would be a win-win situation for both sides.

Harivansh said this during a meeting with a parliamentary delegation from the European Parliament's Committee on International Trade Affairs (INTA), led by Cristina Maestre, INTA Standing Rapporteur for India.

At the meeting, Harivansh said India and the European Union (EU) are two of the largest and most vibrant democracies, open market economies and pluralistic societies.

He observed that the trajectory of the India-EU relations continues to be on the rise. Both sides expressed confidence that the India-EU FTA will be completed soon.

Harivansh expressed confidence that both sides share the vision of realising a successful FTA that will further strengthen the trusted partnership between them amid the uncertain geopolitical realities of today, according to a statement.

Acknowledging the role of the European Parliament, particularly the INTA Committee, in the ratification of trade agreements, he underscored that the conclusion of a balanced, mutually-beneficial FTA would be a win-win situation for both India and the EU.

Highlighting the strong economic ties, Harivansh noted that the EU is India's leading trade and investment partner as well as a major source of technology.

He pointed out that the EU, as a bloc, was India's largest bilateral trading partner in goods in the last financial year.

According to the statement issued by his office, the Rajya Sabha deputy chairman noted that a number of pathways mentioned in the new strategic EU-India agenda are already under discussion, including the finalisation of the India-EU FTA by the year-end and the conclusion of a security and defence partnership, which are expected to be major deliverables for the next India-EU Summit.

Referring to the Joint Communication announced by the EU in September, outlining a "new India-EU Strategic Agenda" to elevate the partnership, he described it as a very positive development.

Harivansh appreciated the ambition reflected in the EU's Joint Communication and recognised its value in advancing the partnership, particularly in the areas of trade, technology, security, defence, innovation, climate, connectivity, mobility and global governance.

Expressing satisfaction that there has been good momentum in parliamentary exchanges, he recalled the visit of an all-party parliamentary delegation to Brussels in June following the April 22 Pahalgam terror attack.

He noted that the delegation had meaningful interactions with members of the European Parliament (MEPs). Such regular parliamentary exchanges, he emphasised, symbolise the strengthening of the India-EU partnership.

The meeting took place at a significant time, as Union Minister of Commerce and Industry Piyush Goyal was in Brussels for talks with his European counterparts, underlining the shared commitment of both sides for advancing the India-EU partnership. PTI SKC RC