OPEN APP
Home / News / India /  Goyal, France trade minister discuss India-EU FTA
Listen to this article

Bengaluru: Commerce and industry minister Piyush Goyal discussed 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 on Friday.

The two sides discussed progress on India-EU FTA negotiations and also highlighted how a broad-based and balanced trade deal can help to diversify & secure supply chains benefiting both countries, Goyal tweeted on Friday.

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, 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 greater 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 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.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Post your comment

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout