https://sputniknews.in/20241212/india-urges-eu-to-respect-its-concerns-in-fta-negotiations-8539215.html
India Urges EU to Respect Its Concerns in FTA Negotiations
India Urges EU to Respect Its Concerns in FTA Negotiations
Sputnik India
Commerce Minister Piyush Goyal said that the India-EU FTA talks were in need of "political directions" to arrive at a commercially meaningful deal after the first nine rounds of talks, amid divergences on issues.
2024-12-12T17:34+0530
2024-12-12T17:34+0530
2024-12-12T17:34+0530
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Commerce and Industry Minister Piyush Goyal has said that both India and the European Union (EU) must understand each other's "sensitivities" in the negotiations for a free trade agreement (FTA), according to a statement on Thursday.The statement came after Goyal met EU Ambassadors from Austria, Belgium, Bulgaria, Czech Republic, Estonia, Italy, Ireland, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovak Republic, Spain and Sweden.In recent months, New Delhi has been particularly concerned about the EU's Carbon Border Adjustment Mechanism (CBAM), which will come into effect in 2026 and seeks to slap additional tariffs on imports in carbon-intensive sectors, including steel, cement and hydrocarbon products among others. Goyal said previously that New Delhi has taken up the issue of carbon tax not only with the EU, but also with the World Trade Organisation (WTO).Further, Goyal underscored to EU Ambassadors that the Indian economy is expected to grow at 7-8% annually, positioning it to become the world’s third-largest economy in the coming years. He also noted that India is projected to reach a $35 trillion economy by 2047.
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India Urges EU to Respect Its Concerns in FTA Negotiations
Commerce Minister Piyush Goyal said the India-EU FTA talks needed "political direction" to reach a meaningful deal after nine rounds, amid divergences on issues like the EU carbon tax on steel imports.
Commerce and Industry Minister Piyush Goyal has said that both India and the European Union (EU) must understand each other's "sensitivities" in the negotiations for a free trade agreement (FTA), according to a statement on Thursday.
Goyal said that both the countries were aiming for a "balanced, ambitious, comprehensive and mutually beneficial" FTA.
The statement came after Goyal met EU Ambassadors from Austria, Belgium, Bulgaria, Czech Republic, Estonia, Italy, Ireland, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovak Republic, Spain and Sweden.
"The Minister further underlined that any sustainability discussions must appreciate the principle of Common But Differentiated Responsibility(CBDR) and implementation of such measures should take into account differing paths of development," the statement read.
In recent months, New Delhi has been particularly concerned about the EU's Carbon Border Adjustment Mechanism (CBAM), which will come into effect in 2026 and seeks to slap additional tariffs on imports in carbon-intensive sectors, including steel, cement and
hydrocarbon products among others. Goyal said previously that New Delhi has taken up the issue of carbon tax not only with the EU, but also with the World Trade Organisation (WTO).
Further, Goyal underscored to EU Ambassadors that the Indian economy is expected to grow at 7-8% annually, positioning it to become the world’s third-largest economy in the coming years. He also noted that India is projected to reach a $35 trillion economy by 2047.
"India is seeking to forge balanced agreements with major world economies to increase its market share in global trade," the Commerce Ministry stated.
