Commerce Minister Piyush Goyal highlights progress in talks for FTA with EU
Stockholm, Jun 12 (PTI) - Commerce and Industry Minister Piyush Goyal emphasized the importance of finding solutions to address non-tariff barriers for the proposed free trade agreement (FTA) between India and the European Union (EU).
Goyal stated that both sides are actively working towards resolving these issues and are close to finalizing the talks for the proposed free trade pact.
"Significant progress has been made. More than half the chapters are ready. In terms of content, I would say we are almost 90 per cent ready for market access," Goyal told reporters.
He highlighted the key issues of non-tariff barriers and the need to make it smoother, easier, and better to do business between the EU and India.
India and the EU are in active discussions to find solutions to facilitate smooth business operations for companies on both sides.
Goyal stressed the importance of deregulation and finding solutions to high regulatory costs and non-tariff barriers that hinder free trade.
The minister is in Sweden for an official visit to promote trade and investments between the two countries, with a focus on addressing trade barriers.
Key Indian exports facing high barriers in the EU include chillies, tea, Basmati rice, milk, poultry, bovine meat, fish, and chemical products.
Non-tariff measures (NTMs) such as regulations, standards, testing, and certification pose challenges to trade and hinder market access.
Goyal mentioned that negotiations on services and rules of origin have commenced to further the discussions on the FTA.
To boost the FTA talks, EU Commissioner for Trade and Economic Security Maros Sefcovic is scheduled to visit New Delhi later this month.
