New Delhi: The coming months will be crucial for India’s global trade relations, as the government intensifies negotiations with major partners such as the European Union (EU), the United States, and the ASEAN bloc, officials from the Ministry of Commerce and Industry said on Tuesday.
During a press briefing, Special Secretary Satya Srinivas said that significant progress has been made in some talks, while others are moving more slowly than expected.
“The 12th round of negotiations with the EU was held last week and was very productive,” Srinivas stated.
He said both sides have now exchanged their market access offers for goods and services.
“Some parts of the deal, known as ‘chapters,’ have been finalised, while discussions continue on the issues where both sides differ. The next round of talks is expected to take place in India in the first week of September,” he mentioned.
India and the EU are aiming to reach an agreement on a free trade deal by the end of 2025.
However, both sides have also agreed to first conclude an interim version to fast-track the process.
Meanwhile, talks with the US are also gaining pace. An Indian team is currently in Washington for another round of discussions to finalise a Bilateral Trade Agreement (BTA), which is expected to be concluded by this fall.
This marks the third visit of Indian officials to the US in recent months, signalling both countries’ commitment to wrap up negotiations soon.
Srinivas said some chapters were closed in the last round held in India, and this round also helped resolve a few outstanding issues.
However, on India’s free trade agreement with the ASEAN countries, the next round of talks with ASEAN is likely to be held in New Delhi in August, followed by another in Malaysia in October.
India is hoping to make substantial progress in these meetings before the ASEAN-India summit scheduled for the end of October.
(IANS)
