New Delhi, March 9 (IANS). The next round conversation on the Free Trade Agreement (FTA) between India and the European Union (EU) may begin in Belgian capital Brussels from Monday. Negotiations regarding trade between the two economic superpowers can be completed this year. This information was given by a senior officer.
Prime Minister Narendra Modi and European Commission Chairman Ursula von Der Leyen agreed to complete the India-European FTA soon by the end of the year in a meeting held in Delhi last month.
Von Der Leyen said during his two -day visit to India, “The FTA between the European Union and India will be the biggest such compromise anywhere in the world. I know well that it will not be easy. But I also know that time and determination matters and this partnership has come at the right time for both of us.”
His statement came at a time when US President Donald Trump is putting large scale tariffs against all countries under his ‘US First’ policy, which can affect global trade.
Prime Minister Modi and the President of the European Union tasked their dialogue teams to carry forward the negotiations for balanced, ambitious and mutually beneficial FTA.
Officials were asked to work as reliable partners to increase market access and overcome business obstacles. He was also entrusted with the task of taking forward the negotiations on investment protection and agreement on geographical indications.
The European Union wants India to reduce tariffs on car, wine and whiskey as well as some agricultural products. On the other hand, India wants it to have more access to the market and lower tariffs on major exports including pharmaceuticals, textile and apparel.
— IANS
ABS/