EU top trade official eyeing trade agreement ahead of India visit

European Union’s top trade official stated ahead of India visit that the bloc looks forward to strengthening relations with “key partner” New Delhi by progressing FTA negotiations.

The European Union’s diplomatic service said on Monday that EU Executive Vice-President and Commissioner for Trade Valdis Dombrovskis will go to India on Tuesday for a 5-day visit.

In addition to co-chairing the EU-India High-Level Dialogue on Trade and Investment in Delhi with Union Commerce Minister Piyush Goyal, Valdis Dombrovskis will attend the G20 Trade and Investment Ministers Meeting in Jaipur.

“India is a key partner for the EU and we look forward to engaging with our Indian counterparts on how we can further deepen our ties, notably by advancing our talks for a Free Trade Agreement. The G20 comes just six months before the 13th Ministerial Conference of the WTO, so we must seize this opportunity to drive forward the multilateral trade agenda at a time of global turbulence,” Executive Vice-President and Commissioner for Trade, Valdis Dombrovskis, was quoted in the statement.

During his stay, he is also due to meet Nirmala Sitharaman, Indian Minister of Finance, for discussions on the EU’s relations with India, European External Action Service (EEAS) said.

According to the EU, it wants to strengthen ties with India and is working towards that goal by negotiating three large agreements: a free trade agreement, an investment protection agreement, and an agreement on geographical indications.

“Closer EU-India cooperation is symbolised through the parallel engagement in the Trade and Technology Council,” the statement read.

Last year, the European Union and India relaunched negotiations to forge a free trade agreement, with the aim of completing talks by the end of 2023.

The latest round of negotiations between the parties began in 2007, but they were suspended in 2013. The leaders of the EU and India decided to pick up negotiations in May 2021.

A free trade agreement (FTA) is an agreement between two or more nations that aims to ensure frictionless commercial relations by removing trade obstacles between imports and exports.

Executive Vice-President Dombrovskis will attend a meeting with European Business during his visit to India, which is being organised by the EU Delegation and Task Force to Create a Federation of European Business in India (FEBI).

Multilateral trade for global growth and prosperity, inclusive and resilient trade, supply chains, and harnessing technology for paperless trade are the main themes of the G20 conference in Jaipur, which begins on Wednesday.

The US Trade Representative Ambassador Katherine Tai, Turkish Trade Minister mer Bolat, Indonesian Trade Minister Zulkifli Hasan, and Japanese Minister for Economy, Trade, and Industry Yasutoshi Nishimura will all be available for bilateral meetings with Executive Vice-President Dombrovskis in the margins of the event.

(With agency inputs)