Agreed to close 10 out of 20 chapters; moving towards convergence on more issues: Goyal
In a significant development, India and the European Union have agreed to close 10 out of the 20 chapters of the long-awaited Free Trade Agreement (FTA) between the two sides. This positive news was announced by the Union Minister of Commerce and Industry, Piyush Goyal, who is currently on a three-day visit to Brussels to strengthen trade ties between India and the EU.
Goyal, who is leading a high-level delegation, met with the EU Trade Commissioner Cecilia Malmström and the European Commissioner for Agriculture and Rural Development Phil Hogan. During the meeting, both sides reviewed the progress made in the negotiations and expressed their commitment to move towards convergence on more issues.
The FTA negotiations between India and the EU were launched in 2007, but have been stalled for several years due to differences over various issues. However, with the recent developments, it seems that both sides are determined to overcome these hurdles and reach a mutually beneficial agreement.
Addressing the media after the meeting, Goyal said, “I am pleased to announce that we have agreed to close 10 chapters out of the 20 chapters in the FTA negotiations. This is a significant step towards strengthening our trade ties and will pave the way for further progress in the negotiations.”
The closed chapters include areas such as customs procedures and trade facilitation, technical barriers to trade, sanitary and phytosanitary measures, and trade in services. These chapters are crucial for promoting trade and investment between India and the EU and their closure is a positive development that will benefit both sides.
Goyal also highlighted that the remaining chapters are in an advanced stage of negotiations and expressed confidence that they will be concluded soon. He stated, “We are moving towards convergence on more issues, including market access for goods, services, and investments. We are committed to addressing the concerns of both sides and reaching a balanced and mutually beneficial agreement.”
The FTA between India and the EU has the potential to boost trade and investment between the two sides significantly. The EU is India’s largest trading partner, accounting for 11.1% of India’s total trade in goods in 2018-19. However, the current trade volume is far below the potential, and the FTA is expected to bridge this gap by providing better market access and reducing trade barriers.
The FTA negotiations have faced several challenges, including differences over issues such as intellectual property rights, data protection, and government procurement. However, with the recent progress, it is evident that both sides are willing to address these issues and reach a mutually beneficial agreement.
The closure of 10 chapters in the FTA negotiations is a significant achievement and demonstrates the commitment of both India and the EU to strengthen their trade ties. It is also a positive sign for the global trade scenario, which is currently facing challenges due to rising protectionism and trade tensions.
The FTA between India and the EU has the potential to become a model for other trade agreements and set an example for promoting free and fair trade. It will not only benefit the economies of both sides but also create new opportunities for businesses and enhance the welfare of their citizens.
In conclusion, the agreement to close 10 out of 20 chapters in the FTA negotiations between India and the EU is a significant step towards strengthening trade ties and promoting economic growth. It is a testimony to the strong and growing partnership between the two sides and a positive development for the global trade scenario. With the commitment and determination shown by both sides, it is only a matter of time before the FTA is concluded and brings about a new era of cooperation and prosperity for India and the EU.
