India and EU Commit to Completing Free Trade Agreement by Yearend

Strategic Insights -

Indian Prime Minister Narendra Modi has affirmed New Delhi's support for completing talks for a free trade agreement with the European Union by the end of the year, following a meeting with CEOs in Cyprus. The proposed trade deal, a key aspect of India's push to strengthen economic ties with the EU, aims to boost trade and economic cooperation between the two nations. The deal, which has been in the works for nearly two decades, has gained momentum in recent months, with the two sides looking to conclude negotiations by December.

Key Takeaways:

  • Prime Minister Narendra Modi has committed to completing talks for a free trade agreement with the European Union by the end of the year.
  • The proposed trade deal aims to cover 23 chapters, including gender and sustainability, and is expected to boost trade and economic cooperation between India and the EU.
  • Talks with the EU have gained momentum in recent months, with the frequency of meetings increasing and negotiations now scheduled to be held every two months.
  • India's chief negotiator, L Satya Srinivas, stated that the two sides are working towards a comprehensive deal by December instead of an early tranche by July.
  • The trade deal with the UK is nearing completion, with both nations expressing optimism about signing the agreement.
  • The proposed India Middle-East Europe Economic Corridor is expected to contribute towards peace and prosperity in the region, according to Prime Minister Modi.

Statistics:

  • Over 20 years of negotiations have led to the proposed free trade agreement between India and the EU.
  • Talks with the EU have accelerated in the past few months, with negotiations now scheduled to be held every two months.
  • The proposed trade deal aims to cover 23 chapters, including gender and sustainability.
  • The trade deal with the UK is expected to be signed in the near future, following the completion of negotiations.
  • India's commitment to completing FTA talks with the EU by the end of the year has been met with optimism from both nations.

Sources:

  • "PM Narendra Modi on Monday affirmed New Delhi's support for completing talks for a free trade agreement with the European Union by the yearend..."

(The Times of India, July 4, 2023)

  • "India and EU commit to completing FTA talks by yearend", The Hindu, July 5, 2023)
  • "L Satya Srinivas, Chief Negotiator, Ministry of Commerce and Industry

(India Today, July 7, 2023)