EU trade commissioner likely to visit India next month; talks to advance FTA, final hurdles in focus

European Commissioner for Trade Maros Sefcovic is anticipated to visit India next month to assess the progress of free trade settlement (FTA) negotiations with Commerce Minister Piyush Goyal, PTI reported citing an official on Wednesday. The visit is likely to coincide with the conclusion of the thirteenth spherical of talks, scheduled from September 8 in New Delhi.The upcoming spherical is taken into account essential as either side goal to finalise the negotiations by the top of this 12 months. “Quite a bit of movement should be there in this round of talks,” the official stated, including that steerage from ministers could also be wanted to resolve remaining points, as some issues could require a political resolution.The twelfth spherical of talks concluded in Brussels. India and the 27-nation EU bloc had resumed negotiations in June 2022 for a complete FTA, an funding safety settlement, and a pact on geographical indications (GIs) after a spot of over eight years. Earlier, talks had stalled in 2013 due to variations over the extent of market entry.On February 28, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen agreed to seal the long-awaited free trade deal by the top of this 12 months.The EU has demanded important responsibility cuts in vehicles and medical units, tax reductions on merchandise together with wine, spirits, meat, and poultry, and a powerful mental property rights framework. Successful conclusion of the pact might make Indian exports similar to ready-made clothes, prescription drugs, metal, petroleum merchandise, and electrical equipment extra aggressive.The India-EU trade pact negotiations cowl 23 coverage areas, together with 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 items with the EU stood at $137.41 billion in 2023-24, with exports price $75.92 billion and imports at $61.48 billion, making the EU India’s largest buying and selling associate for items. The EU accounts for about 17% of India’s complete exports, whereas exports from the EU to India make up round 9% of its complete abroad shipments.In companies, bilateral trade in 2023 was estimated at $51.45 billion, highlighting the rising significance of the EU-India financial partnership.