India, EU look to conclude talks for an early harvest deal by July 2025: Govt sources

Government sources have informed CNBC-TV18 that India and the European Union (EU) are aiming to conclude negotiations for an early harvest deal by July 2025, similar to the agreement signed with Australia. This early harvest deal will address issues such as tariffs and non-tariff barriers, intellectual property rights, government procurement, technical barriers to trade, and sanitary and phytosanitary measures.India’s Chief Negotiator, Satya Srinivas, is already in Brussels to expedite discussions for a Free Trade Agreement (FTA). In addition to the FTA, India and the EU are pursuing a two-stage approach that includes a bilateral investment protection agreement and the recognition of geographical indications (GIs) with the 27-member bloc.

The negotiations cover 23 policy areas, including trade in goods and services, investment protection, customs procedures, technical barriers, intellectual property rights, and sustainable development. The 11th round of India-EU FTA talks took place in New Delhi from 12th to 16th May.
While the EU has proposed amendments to India’s Patents Act to allow ‘evergreening’ of patents in pharmaceuticals, India has already rejected similar demands from the UK and Switzerland for data exclusivity to protect its generic pharmaceutical industry as part of FTAs with the UK and the European Free Trade Association (EFTA).

In FY2023-24, EU-India bilateral goods trade totalled $137.41 billion, with Indian exports valued at $75.92 billion and imports at $61.48 billion, making the EU India’s largest trading partner in goods. The EU accounts for nearly 17% of India’s total exports, while India represents 9% of the EU’s total overseas sales.