This upcoming round is anticipated to delve into services and investment, building upon the groundwork laid in previous discussions which covered goods…reports Asian Lite News
India and the European Union (EU) are set to commence the seventh round of talks on the Free Trade Agreement (FTA) in New Delhi, accompanied by discussions on an Investment Protection Agreement (IPA) and a pact on Geographical Indications (GIs). The negotiations, expected to span five days, follow the sixth round held in Brussels on October 27, 2023.
This upcoming round is anticipated to delve into services and investment, building upon the groundwork laid in previous discussions which covered goods, government procurement offers, and accelerated text work. Chief negotiators from both sides have paved the way for this round through meetings held in Brussels and New Delhi.
Substantial discussions on goods and public procurements have already occurred, demonstrating constructive engagement over the past months to resolve disparities. The complexity of this proposed trade deal underscores the meticulous negotiations, though significant progress may be constrained by impending general elections in India and European Parliament polls.
India remains steadfast in opposing the EU’s proposed Carbon Border Adjustment Mechanism (CBAM) at multilateral forums, asserting its commitment to environmental protection. While preparations for industries to adopt low-carbon footprint practices are underway, India stands against incorporating CBAM into trade commitments, viewing it as a potential non-trade barrier.
The EU’s requisites encompass the removal of trade barriers for smaller European firms, market access in services and Indian public procurement, negotiated under principles of reciprocity and equity. Ensuring the protection of India’s micro, small, and medium enterprises (MSMEs) remains paramount in these deliberations.
As negotiations unfold, India’s stance against CBAM’s integration into trade deals underscores its commitment to environmental initiatives while advocating for equitable trade practices. The upcoming talks signal a crucial juncture in shaping the contours of economic relations between India and the EU, amidst evolving global trade dynamics.
Last week, External Affairs Minister S Jaishankar met with European Union (EU) foreign policy chief Josep Borrell, on the sidelines of the security conference in Munich.
In a post on X, Jaishankar wrote, “Delighted to catch-up with EU HRVP @JosepBorrellF in Munich.”
“Exchanged perspectives on the current global situation. Looking forward to welcoming him to India,” he added.
The 60th Munich Security Conference (MSC) got underway an in-person event from February 16-18, 2024, at its traditional venue, the Hotel Bayerischer Hof in Munich, according to an official statement.
This year’s conference is being held under the chairmanship of the German Ambassador to the US, Christoph Heusgen.
Earlier, Jaishankar also held talks with US Secretary of State Antony Blinken and discussed the ongoing situation in West Asia, Ukraine and the Indo-Pacific.
Taking to his official handle on social media platform X, the EAM posted, “Great to meet my friend US @SecBlinken this afternoon on MSC 2024 sidelines.”
“Our talk centered on the situation in West Asia, Ukraine and Indo-Pacific. Reviewed the continuing progress in our bilateral ties,” he added.
Meanwhile, Blinken, before meeting with his Indian counterpart, Jaishankar, lauded India-US ties and underscored the ‘extraordinary’ partnership between the two countries that he said has grown stronger and stronger in recent years.
“We have an extraordinary partnership between the United States and India that has grown stronger and stronger in recent years, stronger than it’s ever been, and it is for us among the most consequential relationships of any in the world,” Secretary of State Blinken said.
“We’re working closely on a whole host of vital priorities that are making a difference in the lives of people in India and people in the United States: increasing mutual prosperity, advancing democracy and human rights, addressing climate change, upholding together the rules-based international order,” an official release by the US State Department quoted Blinken as saying further.
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