India and the UK are set to hold the tenth round of talks on a proposed free trade agreement (FTA) in June, with the aim of concluding the negotiations soon. The talks on 26 policy areas/chapters began on 13 January 2021, with 13 chapters subsantially closed so far, while an agreement on investment is being discussed separately. Meanwhile, the fifth round of negotiations on an India-European Union trade agreement is due to begin in India in late June, with the EU offering to exchange concessions on goods and services, and plans for a meeting between India’s commerce secretary and the EU DG in August to review progress. Talks on market access for goods and services between India and Canada are said to be at an advanced stage, with the seventh round taking place in April in Ottawa, covering subjects such as SMEs, trade and gender, environment and labour. Furthermore, progress has been made on an India-Australia FTA with specific timelines drawn up, and both countries will hold the 3rd and 4th rounds of talks in June and July respectively. Finally, India is set to host the second Trade and Investment Working Group meeting of the G20 on 23-25 May in Bangalore, where WTO priorities, trade for growth and prosperity, resilient global chains and integration of MSMEs in global trade will be discussed to build consensus among member countries.
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India and the UK will hold the next round of talks on a proposed free trade agreement here in June and both sides aim to conclude the talks soon, a senior government official said on Monday. Director General of Foreign Trade (DGFT) Santosh Kumar Saranaki said that trade negotiations are a matter of give and take and have nothing to do with the elections of individual countries. India will have general elections next year.
“The effort is to speed up the talks…the Diwali deadline (to conclude the talks last year) was given, but it was extended due to various reasons. But there is an effort on both sides to conclude it soon,” he told reporters here. The tenth round of talks is being held here from June 5-9 and “we will make some substantial progress during that time,” he added. Negotiations started on January 13, 2021. The negotiations covered 26 policy areas/chapters. The investment is being negotiated as a separate agreement – the Bilateral Investment Treaty – which will be concluded simultaneously with the India-UK Free Trade Agreement (FTA).
So far 13 chapters have been substantially closed for talks and regular meetings held at high levels to review the progress of negotiations and resolve outstanding issues. He also informed about the fifth round of negotiations for a trade agreement between India and the European Union. EU) in India is scheduled from June 19-23. So far 4 rounds of negotiations have been completed till March. In the last round, out of 74 technical sessions, negotiations were held on 21 policy areas. The two sides also discussed mechanisms for exchanging concessions on goods and services. India’s Commerce Secretary and EU DG (Trade) will meet in August to review progress.
Regarding the India-Canada trade agreement, the DGFT said negotiations on market access for goods and services are at an advanced stage. The seventh round of talks was held from April 3-6 in Ottawa, Canada. Apart from traditional areas, an interim agreement may cover areas such as SMEs, trade and gender, environment and labour. He said that on the comprehensive India-Australia agreement, good progress has been made on the agreed pathways and a detailed work plan with specific timelines has been drawn up. Both countries plan to hold 3rd and 4th round of talks on 5th. on June 16 and July 3-14 respectively, paving the way for an early conclusion of negotiations.
At the G20 talks, the second Trade and Investment Working Group (TIWG) meeting is now scheduled to be held in Bengaluru on May 23-25. In dedicated technical sessions, G20 delegates will discuss WTO (World Trade Organization) priorities. Reform with priority issues identified in trade for growth and prosperity, resilient global value chains, integration of MSMEs in global trade and efficient logistics for trade. The meeting will set the stage for building consensus among the G20 nations on India’s proposed deliverables and outcomes on global trade and investment-related issues.