The European Union is set to deepen its ties with New Delhi by advancing negotiations for a free trade agreement (FTA), according to EU Executive Vice President and Trade Commissioner Valdis Dombrovskis. Dombrovskis will be on a 5-day visit to India, attending the G20 Trade and Investment Ministers’ Meeting in Jaipur and co-chairing the EU-India High-Level Dialogue on Trade and Investment with Union Commerce Minister Piyush Goyal in Delhi. The G20 comes just six months before the 13th ministerial conference of the WTO, and the EU aims to advance the multilateral trade agenda at a time of global turmoil.
During his stay, Dombrovskis will also meet Indian Finance Minister Nirmala Sitharaman to discuss EU relations with India. The EU aims to deepen ties with India and work with it to negotiate three ambitious agreements: a free trade agreement, an investment protection agreement, and a geographical indications agreement.
Very useful exchange on strengthening #EUIndia trade & investment relations:
✅ongoing trade deal talks
Both sides keen to develop our large untapped potential.🇪🇺🤝🇮🇳 https://t.co/7hZNvB6Zme
— Valdis Dombrovskis (@VDombrovskis) May 15, 2023
The EU and India resumed talks to create a free trade agreement in May 2021, with the goal of removing trade barriers between imports and exports and ensuring hassle-free trade relations. Dombrowski will also participate in a meeting with European businesses, jointly organized by the European Union Delegation and the Task Force for the Establishment of a European Business Federation in India (FEBI).
The main themes of the G20 meeting include multilateral trade for global growth and prosperity, inclusive and resilient trade, leveraging technology for supply chains, and paperless trade. On the sidelines of the event, Dombrowski will have the opportunity to meet with Canadian Trade Minister Mary Ng, US Trade Representative Ambassador Catherine Tai, Turkish Trade Minister Omar Bolat, Indonesian Trade Minister Zulkifli Hasan, and Japan’s Minister of Economy, Trade, and Industry Yasutoshi Nishimura.