Discussions held on FTA implementation between India and European Union

Discussions have been held on the issues of implementation of the Free Trade Agreement (FTA) between India and the European Union. This agreement is likely to be signed in the month of December. According to an official statement released on Monday, the Ministry of Commerce has provided information regarding this.

As per the Ministry of Commerce, Commerce Secretary Rajesh Agrawal visited Brussels last week, during which these important discussions were undertaken. Agrawal met with officials from various departments of the European Commission. These included Dit Juel Jorgensen of the Directorate-General for Trade and Economic Security, Koen Doens of the Directorate-General for International Partnerships, and Gerasimos Thomas of the Directorate-General for Taxation and Customs Union.

The meetings primarily focused on customs cooperation, trade facilitation, and preparations for the implementation of the India-European Union FTA. Both sides acknowledged that efficient, transparent, and digitally-enabled customs processes are of great importance to support businesses, reduce transaction costs, and ensure the smooth movement of legitimate trade.

According to the Ministry of Commerce, both sides announced the conclusion of negotiations for this agreement on 27 January. This agreement will provide duty-free access to India's labour-intensive sectors such as leather, textiles, and gems and jewellery.

Secretary Agrawal also met with stakeholders associated with the diamond industry and representatives connected to the Antwerp diamond ecosystem. These discussions touched upon the global diamond value chain, certification and traceability requirements, responsible sourcing, and opportunities arising from India's growing diamond market and manufacturing ecosystem. India and Belgium identified gems and jewellery as a critical sector for deep cooperation, recognizing Antwerp, Mumbai, and Surat as major diamond hubs.