European Trade Commissioner Valdis Dombrovskis and Indian Trade Minister Piyush Goyal announced in Brussels on Friday that the European Union and India have agreed to resume negotiations in view of the conclusion of a free trade agreement at the end of 2023.
“The next round it will be held in New Delhi from 27 June to 1 July “, said the European Commissioner.
The Indian minister stressed that “India has changed, it wants to be active in the developed world and we want to conclude this agreement quickly”, according to Agence France-Presse.
Dombrovskis said the negotiations will seek to reach a free trade agreement, investment protection agreements and geographical indications for goods.
But he acknowledged that “the end of 2023 is a tight deadline and requires a great deal of effort. We need to see if we can achieve our goals. What matters is the substance, not the deadlines.”
For his part, Piyush Goyal said: “Nothing can be ruled out in this phase. We have nothing prior and no objections. The deal will be based on what’s good. “
Negotiations on the India-EU Free Trade Agreement have stalled since 2013 on issues such as patent protection and tariff cuts, although the two sides agreed in May 2021 to resume talks.
Dombrovskis stressed that the European Union is India’s third largest trading partner and the value of trade between them was around 120 billion euros in 2021.
Read More About: Business News