High-level India-EU meetings this month to boost FTA talks

economictimes.indiatimes.com:

India and the European Union (EU) will be held this month to take stock of the progress of talks on the proposed free trade agreement, according to an official. «The EU officials are coming for the G20 trade ministers meeting this month in Jaipur. There is a high-level meeting at the minister level on August 26 in the national capital between India and the EU.

»Commerce Secretary Sunil Barthwal is also likely to meet EU Director General for Trade Sabine Weyand in Jaipur," the official added. These meetings would give an impetus to the ongoing negotiations between the two sides on the free trade agreement (FTA). The G20 Trade and Investment Ministerial Meeting, under India's G20 Presidency, is scheduled at Jaipur on August 24-25.

So far, five rounds of talks have been held on the agreement. India and the 27-nation bloc resumed negotiations on June 17 last year after a gap of over eight years on the proposed agreements on trade, investments and Geographical Indications (GI). India had started negotiations for a trade pact with the EU in 2007, but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits and the movement of professionals.

India's merchandise exports to EU member countries have increased to USD 74.5 billion in 2022-23 from USD about USD 65 billion in 2021-22. Imports also rose to USD 60 billion in 2022-23 from USD 51.4 billion in 2021-22. The EU accounts for about 17 per cent of India's total exports and about 8.5 per cent of the country's total imports.