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India’s trade negotiation with the European Union for a free trade agreement (FTA) has reached to the final stages. And if the end results are positive then Indian exporters can look forward to increase their share in the 27-nation bloc, informed Minister of State for Commerce and Industry Jyotiraditya M. Scindia.
Legal terms and conditions of the proposed trade agreement have been discussed. Tariff liberalization offers have also been exchanged on trade in goods. The negotiations have already reached the conclusion point, Scindia informed.
The minister added the on the conclusion of this FTA, Indian exports to EU will accelerate given that exports from India will get preferential duty treatment from EU.
India and EU have been holding discussions for a FTA since 2007, in the areas of customs cooperation & trade facilitation, goods and services, dispute settlement, competition and IPR etc. The eight round of negotiations started off January this year.
India has spoken to different local producers to review the impact of varied offers and requests by the EU for the FTA negotiations to guard the interests of Indian Agricultural, Industrial and other sectors, informed Scindia.
He also went to add that on the basis of the feedback received from these consultations; an initial list of products has been made on which no tariff reductions will be offered by India to the EU.
That apart, in case of a surge in imports which probably could threaten the domestic industry, India will be free to take up anti-dumping and safeguards.
India’s trade with the EU has been growing at the rate of 16 percent annually and today stands at $106.4 billion. Today EU is India's largest trading partner.
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