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India expects its proposed FTA with EU to be a game changer: S Jaishankar.
Mar 01, 2023
India expects its proposed free trade agreement (FTA) with the European Union (EU) to be a game changer and is looking forward to a mutually advantageous conclusion to the negotiation for the pact within a 'short planned timeline', external affairs minister S Jaishankar said on Tuesday.
'We expect the India-EU FTA will be a game changer for the India-EU relationship. We look forward to a mutually beneficial, mutually advantageous conclusion to the negotiation process within a reasonably short planned timeline,' Jaishankar said, addressing the gathering at a Confederation of Indian Industry event.
'Europe and India can strengthen each other’s strategic autonomy by reducing dependencies, cooperating on critical technologies and ensuring supply-chain restructuring. The India-EU FTA is, therefore, our very important goal,' he said.
In June last year, India and the EU restarted the negotiations for the long-pending trade and investment agreement after a gap of more than eight years.
Jaishankar said India and the EU believe in a multi-polar global order, share a commitment to promoting effective multilateralism and are increasingly considerate of each other’s geopolitical, economic, strategic and security concerns.
'India’s new approach to trade agreements addresses issues of non-tariff and behind-the-border barriers, quality standards and related benchmarks,' said Jaishankar.
He said the recently unveiled Trade and Technology Council will provide the structure and strategic guidance to the partnership between the two sides. The council is expected to facilitate exchange of critical technologies relating to an array of domains, including artificial intelligence, quantum computing, semiconductors and cybersecurity.
The council is the EU’s second such technology partnership after the first one with the United States which was firmed up in June 2021.
'I would like to say that India’s relations with Europe are stronger and deeper than ever before and this event itself is a testimony of that assertion,' said Jaishankar. 'Between us rests the largest democratic and free market space globally. The business communities of India and Europe have a large stake and an enabling role in this transformation.'
economictimes.indiatimes.com
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