Government sources have said that India’s Chief Negotiator Satya Srinivas is likely to go to Brussels tomorrow to fast-track negotiations for a Free Trade Agreement (FTA). India and the EU are pursuing a two-stage approach to finalise an FTA and is discussing an early harvest pact like the one it has signed with Australia.India is also exploring a bilateral investment protection agreement and recognition of geographical indications (GIs) with the 27-member bloc.
The negotiations span 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 was held in New Delhi from 12th to 16th May.
While the EU has sought amendments in India’s Patents Act to allow ‘evergreening’ of patents in pharmaceuticals, India has already refused to accept similar demands from the UK and Switzerland for data exclusivity to protect the generic pharma industry as part of FTAs with the UK and the European Free Trade Association (EFTA).In FY 2023-24, EU-India bilateral goods trade stood at $137.41 billion, with Indian exports valued at $75.92 billion and imports valued at $61.48 billion making EU India’s largest trading partner in goods. The EU accounts for nearly 17% of India’s total exports, while the EU’s exports to India represent 9% of its total overseas sales.(Edited by : Akanksha Upadhyay)
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