India, EU may go for comprehensive FTA; investment, GI pacts to follow later
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India and the European Union (EU) are likely to agree upon a comprehensive free trade agreement (FTA) instead of an interim deal, an official said on Tuesday.However, the proposed investment treaty and a pact on geographical indications (GI) may not be concluded simultaneously.The official said that the situation remains dynamic in the free trade agreement negotiations.Negotiations for the "comprehensive agreement" between India and the EU are progressing at a rapid pace, and the deal could be concluded before the year-end, the official added.Earlier, there were discussions that an early harvest trade pact may be finalised before going for a comprehensive deal.In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on GIs after a gap of over eight years.A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a definite geographical territory.The negotiations stalled in 2013 due to differences over the level of opening up of the markets.On February 28, Prime Minister Narendra Modi and the European Commission President agreed to seal the much-awaited free trade deal by the end of this year.The India-EU trade pact negotiations cover 23 policy areas or chapters, including Trade in Goods, Trade in Services, Investment, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defence, Government Procurement, Dispute Settlement, Intellectual Property Rights, Geographical Indications, and Sustainable Development.India's bilateral trade in goods with the EU was USD 137.41 billion in 2023-24 (exports worth USD 75.92 billion and imports worth USD 61.48 billion), making it the largest trading partner for goods.The EU market accounts for about 17 per cent of India's total exports, while the EU's exports to India make up 9 per cent of its total overseas shipments.In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at USD 51.45 billion.Speaking to reporters here, French Minister of Foreign Trade Laurent Saint-Martin said that the agreement can be concluded in the coming weeks or months."I am pretty optimistic about the fact that we can have an agreement in the coming weeks, coming months, because we have to showcase to the world that we do believe in trade, in freer trade, and not in a trade war. So this is what we agreed on with the minister," the French minister said after a bilateral meeting with Goyal.
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