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FTA Talks: Top ministers, officials of India and the European Union to meet in month-end.
Aug 08, 2023

Top ministers and officials of India and the European Union will meet on the sidelines of the G-20 trade ministers meeting in the last week of August to discuss the state of negotiations of the proposed free trade agreement (FTA) and to speed up the talks, a senior official said. 
 
While trade ministers’ meeting is in Jaipur on August 24 and 25, the bilateral ones will be held in New Delhi. 
 
'There will be a ministerial-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 said.
 
So far, five rounds of discussions have been held on the FTA, the last one being in June. 
 
In the fifth round, modalities for exchange of market access offers in goods and government procurement were finalised, negotiations on small and medium enterprises (SMEs) chapter has concluded and the textual part of government procurement chapter has also been agreed in principle. 
 
India and the 27-nation bloc resumed negotiations on the FTA on June 17 last year after a gap of over eight years. 
 
The first attempt at FTA with the EU was made in 2007 and after many rounds of discussions the progress stalled in 2013 due to differences on issues of tariffs on automobiles, wines and spirits and freer movement of professionals. Brexit (exit of UK from EU) further complicated matters. The proposal for FTA was drawn afresh and discussions began again.
 
India’s merchandise exports to the EU increased to $ 74.5 billion in 2022-23 from about $65 billion in 2021-22. 
 
Imports too rose to $60 billion in FY23 from $51.4 billion in 2021-22.
 
The EU accounts for about 17% of India’s total exports and about 8.5% of the country’s total imports.
    
financialexpress.com

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