FTA talks with UK, EU to begin this year: Commerce secretary
In this handout photo taken on August 25, 2019 by the Indian Ministry of External Affairs, Indian Prime Minister Narendra Modi shakes hands with British Prime Minister Boris Johnson on the sidelines of the annual G7 summit in Biarritz, south-west France
India is upbeat over the Free Trade Agreement(FTA) talks with European Union and the United Kingdomwith the commerce secretary Anup Wadhawan saying talks will begin this year.
Speaking at a virtual press conference, Wadhawan said,"within the year, close to the end of the year" talks should startwith EU "possibly before that" and with the UK.New Delhi will be "initiating talks" but all the "preparatory work" needs to be done, the commerce secretary added.
He further explained, "trade discussions are already underway, preparatory work has to be done" and very soon "formal negotiations will also start".
India, EU FTA talks were announced during the India-EU leadership summit in May.Both sides are resuming talks after a gap of eightyears.
Wadhawan said,"European Union at the highest level cleared agreement on resumption of negotiations, a clear agreement on the tracks on which negotiations will happen. Clear resolve to expedite finality in the negotiation at an early date."
With the UK he recalled the "clear announcement on starting of negotiations, a comprehensive trade agreement with an early harvest" which he described as a "very, very conducive development". At the virtual summit between PM Modi and PM Boris Johnson on May 4both sides made an announcement on Enhanced Trade Partnership (ETP).
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May 26 saw the UK starting a 14-week consultation period to seek public and business views on thedeal with India.
The period of consultations domestically ends on August 31. The UK is keen on a deal that not only slashes trade barriers but alsoincludes removing tariffs of up to 150 per centon whisky and 125 per centon British-made cars. The UK also aims to make it easier for its service firms to operate in the Indian market.
For India, upgrading the Preferential Trade Area (PTA) with Chileand taking forward negotiations on trade with Peru and Israel is also onthe anvil. India has also initiatednew FTAs with Canada andAustralia.