New Delhi, June 18 : India and European Union (EU) have re-started negotiations for India-EU Free Trade Agreement (FTA) after almost nine years of lull.

In a joint event held at the headquarters of the EU in Brussels, the two sides have also resumed talks for an Investment Protection Agreement (IPA) and a Geographical Indicators (GI) Agreement.

An official statement on Saturday said that Commerce Minister Piyush Goyal and Valdis Dombrovskis, Executive Vice-President of the European Commission re-launched the negotiations for the proposed trade deal.

“Both partners are now resuming the FTA talks after a gap of about nine years since the earlier negotiations were left off in 2013 due to difference in the scope and expectations from the deal,” the statement said.

It stated that the first round of negotiations would take place on 27th June in New Delhi.

India-EU trade deal would be one of the most significant FTAs for India as EU is India’s second largest trading partner after the US. The India-EU merchandise trade recorded an all-time high value of $116.36 billion in 2021-22 with a year-on growth of 43.5 per cent. India’s export to the EU jumped 57 per cent in FY 2021-22 to $65 billion.

India has a surplus trade with the EU.

“Considering that both partners have similar fundamental values and common interests and are two of the largest open market economies, the trade deal will help to diversify and secure the supply chains, boost economic opportunities for our businesses, and bring significant benefits to the people. Both sides are aiming for the trade negotiations to be broad-based, balanced and comprehensive, based on the principles of fairness and reciprocity,” the statement said.

The two sides will also attempt to resolve the market access issues which are impeding bilateral trade.

Last year, in the India and EU leaders’ meeting held in Porto, an agreement was reached for resuming negotiations for a balanced, ambitious, comprehensive and mutually beneficial FTA and starting fresh negotiations on the IPA and a separate agreement on GIs.

India earlier this year concluded FTAs with Australia and the UAE while FTA talks with Canada and the UK are underway.(UNI)