Read more about Resumption of FTA talks with EU, fresh negotiations with UK soon: Official on Business Standard. India is also taking forward negotiations with various other countries, including Israel.
TEXPROCIL hails resumption of India-EU trade agreement
ANI
02 Jun 2021, 21:18 GMT+10
Mumbai (Maharashtra) [India], June 2 (ANI/NewsVoir): Manoj Patodia, Chairman, The Cotton Textile Export Promotion Council (TEXPROCIL) welcomed the present developments of resumption of talks under the leadership of Hon ble Prime Minister Narendra Modi. Resuming the long pending negotiations will benefit the bilateral trade between India and the European Union.
The European Union, he stated, is the single largest region importing TextileClothing products in the world, accounting for US$ 131 billion in the year 2020, of which India s market share is approximately 4%, whereas market share of Bangladesh is approximately 11% mainly because of Zero duty tariff advantage.
The implementation of the proposed free-trade agreement between India and the European Union (EU) will benefit both the sides and domestic businesses will welcome the resumption of formal negotiations on the long-stalled pact, industry body CII said on Saturday.
The proposed Broad-based Trade and Investment Agreement (BTIA) has been stalled since May 2013 as both sides are yet to iron out differences over several issues. The BTIA is a kind of comprehensive free trade agreement being negotiated by the two sides.
However, analysts said it would be interesting to see the tariff levels which could be considered, the stand on automobiles, spirits, data protection and a liberal visa regime.
India and EU flags | Representational image | Twitter | @EU in India
In a big boost to the Indo-EU ties, the two nations are set to begin parallel negotiations for separate trade and investment agreements which would make up a comprehensive Free Trade agreement (FTA),
Economic Times.
Announcing the development, Union Minister for Commerce and Industry Piyush Goyal emphasised that trade and investments go hand in hand and that the two sides are committed to concluding the two pacts together at an early date.
Goyal also said that countries are looking for trusted trading partners amid the pandemic and given Indiaâs track record, it will be the EUâs âmost natural and reliable ally, partner and friendâ.
India, EU to conclude trade, investment pacts simultaneously: Piyush Goyal
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As per the minister, the two sides must look at a comprehensive dialogue for a comprehensive FTA covering all the tracks of trade in goods and services, and investment protection.
Piyush Goyal (File Pic)
Commerce and industry minister Piyush Goyal on Saturday said India and the European Union (EU) will begin negotiations for separate bilateral trade and investment agreements simultaneously under a comprehensive Free Trade Agreement as investments are an area of the EU’s interest while India is keen to get more market access for its goods and services there. The minister said trade and investment go hand in hand, and the two sides are committed to conclude the two pacts together at an early date.