NEW DELHI: Ahead of the 14th round of talks for India-EU FTA in Brussels on Monday, the EU has said that the negotiating teams are working hard to deliver a mutually beneficial deal, even as negotiations are challenging and important issues need to be resolved.
Talking about the significance of India-EU economic partnership, EU ambassador Herve Delphin also said EU companies in India generated a total turnover of 186 billion euros in 2024, around 5% of the Indian economy, and exported goods worth 23.5 billion euros, which accounts for around 6% of total Indian exports of goods.
He said the EU and India are also negotiating an Investment Protection Agreement that aims to create a predictable, secure and transparent environment for EU and Indian investors, thus helping to generate the higher levels of FDI needed for the Indian economy.
"While certain differences must still be resolved, both EU and India agree on key principles: that the right of states to regulate must be explicitly safeguarded and that there must be clear guidance for tribunals on how to interpret investment protection standards. These shared principles should guide us throughout the negotiating process towards a successful outcome," he said.
The ambassador said that the 13th round of FTA talks last month did not result in the sort of breakthrough which was expected. "The EU was and is still ready to conclude on a meaningful package. We look forward to the next round and further negotiations towards a mutually beneficial deal," he said.
"The FTA can open new opportunities for EU and Indian businesses and create conditions to significantly increase our bilateral trade and investment. While some countries are raising tariffs or otherwise closing their markets, we should use the FTA to diversify trade, hedge against uncertainties and strengthen our supply chains," said Delphin.
"The EU is India's top trading partner, with bilateral trade in goods of EUR 120 billion, ahead of the US and China. Adding services, our bilateral trade has reached EUR 180 billion. This is an impressive figure, but there is a huge potential for growth considering that the EU and India are the 2nd and the 4th largest economies in the world. To unlock this untapped potential EU and India are negotiating the FTA," he added.