EU teams will be in New Delhi for FTA negotiations next week: Envoy Herve Delphin
New Delhi [India], May 9 (ANI): Ambassador of the Delegation of the European Union to India, Herve Delphin, on Friday said that the negotiating teams from the bloc will be India next week.
'...The negotiation of a substantive free trade agreement represents a central plan in our relationship. Our leaders have directed the negotiating teams to conclude the negotiation by the end of the year. Both sides are fully committed to reaching this goal. It is a matter of necessity as much as urgency. Next week, the negotiating teams will meet here in Delhi and it is our sincere hope that it will represent a major milestone towards an agreement,' the EU envoy to India said, speaking at the Europe Day celebrations here in the national capital.
'The strength of EU and India economic and business ties cannot be understated. The EU is the largest trading partner of India...with this FTA it has the potential to grow exponentially,' Delphin added.
On 17 June 2022, the European Union relaunched negotiations with India for a Free Trade Agreement, and launched separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs).
The EU is India's largest trading partner, accounting for Euro 124 billion worth of trade in goods in 2023 or 12.2 per cent of total Indian trade. India is the EU's 9th largest trading partner, accounting for 2.2 per cent of the EU's total trade in goods in 2023. Trade in services between the EU and India reached Euro 59.7 billion in 2023, up from Euro 30.4 billion in 2020.
India and EU are commited to conclude an ambitious FTA by the end of 2025, India's Ministry of Commerce and Industrysaid earlier this month.
This commitment builds on the strategic direction given by Prime Minister Narendra Modi and President of the European Commission, Ursula von der Leyen during the landmark visit of the EU College of Commissioners to New Delhi in February 2025.
Both sides reiterated their aim to address pending issues in a spirit of mutual respect and pragmatism, including at the next round scheduled to be held from 12-16 May 2025 in New Delhi, the commerce ministry statement had said.
India emphasized that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade. (ANI)
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