“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,” PTI reported.

“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). PTI noted that the G20 Trade and Investment Ministerial Meeting, under India’s G20 Presidency, is scheduled at Jaipur on August 24-25.

Five rounds of negotiations have taken place for the proposed agreements on trade, investments, and Geographical Indications (GI) between India and the 27-nation European Union (EU). After an interval of over eight years, the discussions resumed on June 17 of the previous year.

The trade pact negotiations between India and the EU were initiated in 2007, but they encountered a standstill in 2013 due to disagreements on significant matters such as customs duties on automobiles and spirits, as well as the mobility 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.

A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory. Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.

PTI reported that apart from seeking expanded market access for products such as textiles, leather, gems, and jewelry, the Indian industry is also keen on facilitating the entry of skilled professionals into the European Union (EU) markets. Conversely, the EU is interested in areas such as the automotive sector, digital trade, data protection, sustainability, and financial services, including banking and insurance.

In a previous development, India made a request to the European Union to remove restrictions on the transfer of sophisticated outsourcing business to India, citing its status as a data-secure country, PTI noted.

(With insights from PTI)

Updated: 06 Aug 2023, 02:16 PM IST