NEW DELHI, Oct 29: The negotiations between India and the European Union over free trade agreement have crossed the halfway mark, with 10 out of 20 chapters of the deal having been finalised and several other chapters nearing completion, Commerce Minister Piyush Goyal said on Wednesday.
“We have made significant progress in the three-day discussion between European Commissioner for Trade and Economic Security Maros Sefcovic and his team and our team on several areas,” Mr Goyal told the media persons. “We have agreed to close 10 out of 20 chapters,” he added. “Another four to five chapters have in principle been broadly decided.”
He further said on an increasing number of issues, the two teams were moving towards convergence. The team from the EU is set to visit New Delhi next week for the next round of negotiations, and Mr Sefcovic will visit the capital at the end of November or in December, the Minister said.
On the question of whether negotiations on the FTA with the EU would be completed by the end of the calendar year, a target set by Prime Minister Narendra Modi and President of the European Commission Ursula von der Leyen in February, Mr Goyal said the priority was a “good deal” rather than meeting deadlines.
“We have received guidance from our leaders, but the guidance does not mean we conclude just any deal,” he said. “It has to be a good deal.” In a press release issued earlier in the day, the Ministry of Commerce and Industry had said the issues related to steel, auto, Carbon Border Adjustment Mechanism (CBAM), and other EU regulations still require further discussion “as these issues have higher sensitivities.”
On CBAM, Mr Goyal said the issue had been discussed in “great detail” during the last week and that the Indian team had put forth the country’s position very firmly. He said the talks on the matter were “moving in the right direction.”
The Minister revealed that he would speak through videoconferencing on Wednesday night with the New Zealand Trade Minister and that the Indian negotiation team would be visiting the country next Tuesday “to try and substantially conclude negotiations for a FTA.”
“At the UNCTAD, India once again demonstrated that under Prime Minister Narendra Modi, we speak for the Global South,” Mr Goyal said. “We represent the voice of the less privileged, less developed or developing economies and stand for collective action for global good, peace and prosperity.”
(Manas Dasgupta)
