New Delhi, Sep 15: India and the European Union will hold the 14th round of negotiations for a proposed free trade agreement (FTA) in Brussels between October 6 and 10, according to officials from Commerce Ministry.
Both sides have expressed commitment to finalising a deal that is balanced and mutually beneficial. Commerce and Industry Minister Piyush Goyal earlier said that while India and the EU may not be able to agree on every issue, he is confident that the outcome will be a “very good agreement.”
“India, EU teams are engaged in intense negotiations for a free-trade agreement,” the Union Minister stated. He added that negotiators from both sides are currently engaged in intense discussions to close the gaps. The last round of talks, the 13th, took place in India from September 8 to 12.
During that round, EU Vice President Maros Sefcovic and Agriculture Commissioner Christophe Hansen met with Goyal to review the progress of the negotiations. One of the key demands from the EU is duty concessions in the auto sector. At present, India levies import duties of over 100 per cent on vehicles.
India recently agreed to similar concessions for UK auto firms under a trade deal signed in May this year. The EU hopes for a similar arrangement to boost market access for its companies. A number of European auto giants, including Volkswagen and Mercedes-Benz, already operate manufacturing facilities in India.
The EU has said that the partnership is not only about trade but also about high-value investment, which it believes will create thousands of new jobs in India. With negotiations set to continue in Brussels next month, both sides are pushing to narrow differences and move closer to a long-awaited FTA that could significantly strengthen India-EU economic ties.
IANS