European Union envoy on the Free Trade Agreement with India: “Negotiations are difficult, there are still important issues that must be resolved.”

The European Union Ambassador to India, Herve Delphin, described negotiations to obtain the proposed free trade agreement (FTA) and the Investment Protection Agreement between India and the European Union as “difficult”, saying, “important issues are still resolved.”

Delphin said that the agreements could be “changing games” at a time when some countries raise tariffs and close their markets. He said in an event organized by the European Business Union in India: “The Federal Trade Committee can open new opportunities for companies in the European Union and Indian companies and create conditions for increasing our trade and bilateral investments significantly.”

“While some countries raise the definitions or close their markets in another way, we must use the free trade agreement to diversify trade, hedging against uncertainty and strengthening our supply chains,” he added.

His statements came a few days ago from India and the 27 -countries bloc carrying the fourteenth round of negotiations in Brussels in the long -awaited trade agreement. Last month, Prime Minister Narendra Modi and European Commission President Ursula von der Lin again confirmed their commitment to ending the deal by December.

Delphin admitted the thirteenth round of negotiations in September, which was held in New Delhi with the direct participation of European Commissioners Marus Sivkovic and Christophe Hansen, “did not lead to a kind of penetration that was expected.”

“The European Union was and is still ready to conclude a meaningful package. We look forward to the next round and additional negotiations towards a useful deal for both parties,” he said.

The European Union is the largest commercial partner in India, where bilateral trade in goods reaches $ 135 billion in the fiscal year 2023-24. The two sides have already concluded negotiations on 11 chapters, including facilitating customs and trade, settling disputes, digital trade, sustainable diets, small and medium enterprises, competition, support, and capital movements. Negotiations on the main chapters such as the rules of origin and access to the markets are still hanging.

Delphin said: “The cases of the Free Trade Agreement and the Investment Protection Convention are stronger than ever. Our economies are complementary and progress each other.” “The free trade agreement agreements and investment agreements can be the game changed, but there is more in the economic relations of the European Union and India.”

(With PTI inputs)