Goyal, France trade minister talks about India-EU FTA

Commerce and industry minister Piyush Goyal addressed the progress on the India-EU free trade agreement with his French counterpart Oliver Becht on the sidelines of the G20 ministerial meeting in Indonesia. Both sides discussed progress on India-EU FTA negotiations and also identified how a broad-based and balanced trade deal can help to diversify & secure supply chains benefiting both countries, Goyal tweeted.

India and the EU restarted talks for a comprehensive free trade agreement earlier this year after a gap of nine years. The two sides concluded the first round of negotiations for Bilateral Trade and Investment Agreements (BTIA), including the Geographical Indicators (GI) on 1 July. India’s FTA negotiations are being led by chief negotiator Nidhi Mani Tripathi, joint secretary, the Department of Commerce and EU is being represented by its chief negotiator, Christophe Kiener. The second round of negotiations is scheduled to take place in October 2022 in Brussels. Currently, the EU is India’s second-largest trading partner after the US, and the second largest destination for Indian exports.

Goyal also met the South African Minister of Trade and Industry, Ebrahim Patel on the sidelines and discussed ways to expand trade and investment between India and South Africa to “further deepen ties between the two countries." The three-day trade, investment, and industry ministerial meeting of the Group of G20 nations kicked off on Wednesday in Bali, Indonesia. The Member Nations discussed critical trade concerns like access to markets, creating sustainable supply chains, and World Trade Organization (WTO) reform, among others.

The earlier talks for the India-EU free-trade agreement were suspended in 2013 after 16 rounds of negotiations since 2007, in view of sharp differences on crucial issues. The EU insisted that India scrap or cut high import duties on sensitive products such as automobiles, alcoholic beverages and dairy products, and open up legal services.

Similarly, India’s demand included higher access to the EU market for its skilled professionals, among others. The earlier talks for the India-EU free-trade agreement were suspended in 2013 after 16 rounds of agreements since 2007, in view of sharp differences on crucial issues. The EU insisted that India scrap or cut high import duties on sensitive products such as automobiles, alcoholic beverages and dairy products, and open up legal services.