The next round of talks between India and the European Union (EU) on a proposed free trade agreement, which aims at boosting trade and investments between the two regions, is scheduled to start from the end of this month, an official said.
India and the EU on June 17 this year formally resumed negotiations on the proposed agreement, after a gap of over eight years.
“The EU delegation will be here on November 28 for the third round of talks for India-EU Trade and Investment Agreement, including the Geographical Indications (GI),” the official said.
The second round of negotiations were held in Brussels.
India’s bilateral trade with the EU rose by 43.5 per cent to USD 116.36 billion in 2021-22.
At present, the EU is India’s second largest trading partner after the US, and the second largest destination for Indian exports.
According to the commerce ministry, the trade agreement with the EU would help India in further expanding and diversifying 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.
A GI is primarily an agricultural, natural or a manufactured product (handicrafts and industrial goods) originating from a definite geographical territory. Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.
