亚博体育官网首页

Senior officials from India and the 27-nation European Union (EU) are expected to hold the next round of negotiations for a proposed free trade agreement in September, aiming to enhance commerce and investments, an official stated. Darpan Jain, Joint Secretary in the Department of Commerce, mentioned that the eighth round of talks concluded on June 28, covering all 21 chapters and making progress in several areas such as government procurement, digital trade, and technical barriers to trade, goods, and market access. We plan to hold more inter-sessional meetings in July and August and we intend to have another round (of talks) in the last week of September, Jain told reporters. India and the EU formally resumed negotiations for the agreement on June 17, 2022, after an eight-year hiatus. They are discussing a Trade and Investment Agreement and a pact on Geographical Indications (GI). Negotiations originally began in 2007 but stalled in 2013 due to disagreements on key issues, including customs duties on automobiles and spirits and the movement of professionals. A trade agreement with the EU would help India further expand and diversify its exports of goods and services, securing value chains. India's merchandise exports to EU member countries increased to $75.92 billion in 2023-24 from $74.83 billion in 2022-23, while imports rose to $59.38 billion in 2023-24 from $ 61 billion in 2022-23. The EU accounts for over 17% of India's total exports and about 8.8% of its total imports. Regarding the proposed trade pact with the UK, another official noted that with the new government taking charge in Britain, the two countries would advance their negotiations. The official indicated that the new UK government would review the agreement. India-UK trade talks for a proposed free trade agreement (FTA) began in January 2022, but the 14th round stalled due to the general election cycles in both nations. Britain's newly-elected Prime Minister Keir Starmer recently spoke with Prime Minister Narendra Modi, expressing readiness to conclude an FTA beneficial for both sides. The leaders agreed to work towards an early conclusion of the agreement, which faces pending issues in both goods and services sectors. Indian industry is demanding greater access for its skilled professionals in sectors like IT and healthcare in the UK market, along with market access for several goods at nil customs duty. The UK is seeking significant reductions in import duties on goods such as Scotch whisky, electric vehicles, lamb meat, chocolates, and certain confectionery items. Britain also seeks more opportunities for UK services in Indian markets, including telecommunications, legal, and financial services (banking and insurance). Additionally, the two countries are negotiating a bilateral investment treaty (BIT) covering 26 chapters, including goods, services, investments, and intellectual property rights. Bilateral trade between India and the UK increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23. The Labour Party's recent election manifesto also committed to clinching the deal. (Source:ET)