India’s stance on trade and investment agreements emphasizes fairness and consideration for its people’s interests, stated Union Commerce Minister Piyush Goyal as the seventh round of India-EU Free Trade Agreement (FTA) talks commenced. This statement comes as India navigates negotiations for FTAs with the UK, Oman, and the European Union, with an Indian delegation currently engaged in discussions with the UK, including contentious issues like visas for Indian professionals.
The ongoing dialogue between India and the EU focuses on crucial aspects such as an investment protection agreement (IPA) and a pact on geographical indications (GIs). Minister Goyal highlighted India’s immense market potential and the opportunities it presents to countries engaged in trade deals and investment pacts with India. He underlined India’s youthful demographic dividend, which is poised to drive demand and provide a skilled workforce for the global market in the coming decades.
Addressing inclusivity and gender equality, Minister Goyal emphasized India’s commitment to women-led development and overall socio-economic growth. He underscored India’s strong macroeconomic fundamentals and the significant potential for rapid expansion, fueled by its young and aspirational talent pool.
In the ongoing India-EU FTA talks, key issues include trade disputes at the World Trade Organization concerning various products and advancements in the protection of geographical indications. Progress was made in 18 out of 23 chapters during the sixth round of talks, and both sides are keen to further discussions on GIs, aiming to align safeguards with EU standards.
Slovakia’s Minister of Foreign Affairs, Juraj Blanár, expressed Slovakia’s interest in deepening the EU-India strategic partnership, emphasizing the importance of concluding a comprehensive FTA, the Investment Protection Agreement, and the agreement on Geographical Indications. The EU remains a significant export destination for India, though non-tariff barriers have hindered India’s goods exports to the bloc over the years. An FTA holds the potential to reduce duties and address barriers, particularly concerning Indian agricultural exports, fostering stronger economic ties between India and the EU.
