Doha: Amid the 14th round of trade negotiations between India and the European Union (EU) currently underway in Brussels, commerce and industry minister Piyush Goyal expressed optimism that both sides would conclude a “fair and balanced” trade agreement by December-end, while respecting each other’s sensitivities. He also announced that commerce secretary Rajesh Agrawal will travel to the EU headquarters later this week to advance the talks.
“There has been a very good discussion going on between India and the EU in Brussels. Our entire team is there. We are hoping to work together in a spirit of deep understanding of each other’s sensitivities so that we can conclude a very equitable, fair and balanced trade agreement between the $20 trillion European Union of 27 countries and India, the fastest growing large economy in the world today,” Goyal told the media in Doha on Tuesday. He highlighted the complementary strengths of India and the EU, underscoring the potential for a mutually beneficial partnership.
“Our young, talented and skilled population is a great resource for the European Union; they need talented young people,” he said. “The innovation and technology that the EU possesses hold tremendous potential for Indian businesses. Together, EU and Indian companies can leverage each other’s strengths to serve the world more effectively.”
On the prospects of reviving the stalled trade negotiations with the US and whether officials in Washington had indicated a timeline for visiting New Delhi for the long-pending sixth round of discussions, Goyal said both countries are continuing to engage at “various levels.”
However, he said that the ongoing US government shutdown has introduced uncertainties regarding the timing, venue, and format of any formal talks. “Every possibility (for talks) exists, but the US government is currently in shutdown mode. Keeping that in mind, it remains to be seen how, where, and when the talks can take place,” he said. A government shutdown in the US occurs when Congress fails to pass the required funding bills to keep federal agencies operating into the next fiscal year, which begins on October 1.
Trade negotiations between India and the US had stalled after President Donald Trump imposed steep 50% tariffs on several Indian goods starting in August, citing the move partly as a reciprocal measure and partly as a penalty for India’s purchase of Russian oil. While India has described the tariffs as “unfair,” it has refrained from taking retaliatory action so far, keeping the door open for further dialogue.
(The reporter is in Doha at the invitation of Ficci)
“There has been a very good discussion going on between India and the EU in Brussels. Our entire team is there. We are hoping to work together in a spirit of deep understanding of each other’s sensitivities so that we can conclude a very equitable, fair and balanced trade agreement between the $20 trillion European Union of 27 countries and India, the fastest growing large economy in the world today,” Goyal told the media in Doha on Tuesday. He highlighted the complementary strengths of India and the EU, underscoring the potential for a mutually beneficial partnership.
“Our young, talented and skilled population is a great resource for the European Union; they need talented young people,” he said. “The innovation and technology that the EU possesses hold tremendous potential for Indian businesses. Together, EU and Indian companies can leverage each other’s strengths to serve the world more effectively.”
On the prospects of reviving the stalled trade negotiations with the US and whether officials in Washington had indicated a timeline for visiting New Delhi for the long-pending sixth round of discussions, Goyal said both countries are continuing to engage at “various levels.”
However, he said that the ongoing US government shutdown has introduced uncertainties regarding the timing, venue, and format of any formal talks. “Every possibility (for talks) exists, but the US government is currently in shutdown mode. Keeping that in mind, it remains to be seen how, where, and when the talks can take place,” he said. A government shutdown in the US occurs when Congress fails to pass the required funding bills to keep federal agencies operating into the next fiscal year, which begins on October 1.
Trade negotiations between India and the US had stalled after President Donald Trump imposed steep 50% tariffs on several Indian goods starting in August, citing the move partly as a reciprocal measure and partly as a penalty for India’s purchase of Russian oil. While India has described the tariffs as “unfair,” it has refrained from taking retaliatory action so far, keeping the door open for further dialogue.
(The reporter is in Doha at the invitation of Ficci)
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