India and the European Union are prepared to recommence discussions for an enthusiastic and expansive free trade agreement, after eight years. A notification on the approved resumption is awaited to be delivered at a virtual summit between Prime Minister Narendra Modi and the topmost leadership of the 27-nation grouping on Saturday. Reliable sources in the EU also said the free trade deal assortment will constitute an investment protection treaty as well as a structure on the geographical implication.
Started in June 2007, the FTA conversations between India and the EU hit a roadblock in May 2013 when the two sides left to connect substantial pauses on critical points, including rate, the data security situation for the IT sector, and market access. India and the EU will accept to recommence the discussions at the virtual summit between Prime Minister Modi and the top leadership of the bloc, sources said Thursday.
The two parties are also possible to declare a connectivity partnership at the summit that is pointed at promoting cooperation in areas like railway, maritime, and aviation as well as in the digital realm to take people of the two parties closer to each other, sources said. Prime Minister Modi was programmed to visit Portugal for the India-EU summit but it was summoned off because of the coronavirus crisis. Both sides then determined to keep the discussions virtually.
A strategically significant grouping for India, the EU as a whole was the country’s largest trading partner in 2018. India’s bilateral trade with the EU in 2018-19 stood at 15.6 billion dollars with exports valued at 57.17 billion dollars and imports worth 58.42 billion dollars.