New Delhi: India and the European Union concluded the first round of talks for the proposed free trade agreement (FTA) on Friday and the next round of talks is scheduled at Brussels in September, the commerce and industry ministry said on Saturday.
The first round of talks began on June 27 and concluded on July 1.
The two sides resumed negotiations on June 17 after a gap of over eight years on the proposed agreements on trade, investments and Geographical Indications (GI).
During the first round, 52 technical sessions covering 18 policy areas of FTA and seven sessions on investment protection and GIs were held, it added.
India’s bilateral trade with the EU amounted to $116.36 billion in 2021-22.
The EU is India’s second largest trading partner after the US and the second largest destination for Indian exports.
“The trade agreement with the EU would help India further expand and diversify its exports of goods and services, including securing the value chains. Both sides are aiming for the trade negotiations to be broad-based, balanced, and comprehensive, based on the principles of fairness and reciprocity,” the ministry added.
The week-long negotiations were held in a hybrid mode – with some of the teams meeting in Delhi and the majority of officials joining virtually.
India’s FTA negotiations were led by Chief Negotiator Nidhi Mani Tripathi, Joint Secretary in the Department of Commerce and the EU was represented by its Chief Negotiator Christophe Kiener.
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