May 19, 2023
2 mins read

Goyal: India-EU FTA talks progressing well

In the India and EU Leaders’ Meeting held in Porto on May 8, 2021, an agreement was reached for resuming negotiations for a mutually beneficial free trade agreement….reports Asian Lite News

Union Minister for Commerce and Industry, Piyush Goyal said that the India-EU FTA negotiation is progressing well.

He made this remark while addressing the media after the 1st India-EU Trade & Technology Council (TTC) meeting in Brussels, Belgium, according to a statement from his ministry. Goyal said that the Trade and Technology Council is helpful as it is supplementing the free trade agreement negotiations and the trade deal will make the India-EU relationship the defining partnership of the century.

In the India and EU Leaders’ Meeting held in Porto on May 8, 2021, an agreement was reached for resuming negotiations for a balanced, ambitious, comprehensive and mutually beneficial free trade agreement.

Piyush Goyal said that India is engaging with the EU on Carbon Border Adjustment Mechanism (CBAM) as it is not the EU’s intention to create a barrier to trade but to find a way forward towards sustainability as part of collective efforts. He stressed that India and the EU are working together to find the right solution to the CBAM issue.

According to reports, the European Union (EU) has announced the implementation of its Carbon Border Adjustment Mechanism (CBAM) from October 2023, which will impose a carbon tax on non-environmentally sustainable products imported into the EU.

Further, Goyal said that India’s tariffs are very often misconstrued to be very high on most items, raw materials, and intermediates but in reality, the duties are very low. The Minister said that the duties on technological items which are helping the Indian economy grow are very low.

He said that the actual applied rates of tariffs are lower than the agreed bound rates at WTO. The bound rate is the maximum rate of duty (tariff) that can be imposed by the importing country on an imported commodity.

Goyal mentioned that the political guidance received from the Prime Minister Narendra Modi and the President of the European Commission Ursula von der Leyen has been truly encouraging in setting the path for outstanding engagement. Goyal added that both India and the EU are open market economies, vibrant democracies and pluralistic societies driven by the common interest of security, prosperity and sustainable development. (ANI)

ALSO READ: Hyundai Motor inks deal with Shell India Markets

Previous Story

PDM plot to create PTI-Army rift, alleges Imran

Next Story

IAF sends 24,000 kg of relief material to Sudan

Latest from -Top News

India-EU Trade Talks Resume

The proposed India-EU FTA covers 23 policy areas, or chapters, of which at least two – market access and rules of origin – have yet to be resolved….reports Asian Lite News India

India Launches Relief Ops in Bhutan

The Royal Government of Bhutan has expressed sincere gratitude to the Indian Army…reports Asian Lite News Amid unprecedented floods caused by a low-pressure system over the Bay of Bengal, relentless rainfall has

Jaishankar Hints at Tariff Deal with US

Jaishankar explained that the ongoing trade tensions largely stem from the inability of both sides to reach a common ground on several issues….reports Asian Lite News External Affairs Minister S. Jaishankar on

Rajnath Singh Heads to Australia for Key Defence Talks

The visit comes at a historic moment when India and Australia commemorate five years of establishment of India-Australia Comprehensive Strategic Partnership…reports Asian Lite News Defence Minister Rajnath Singh will visit Australia from
Go toTop

Don't Miss

TN High court upholds 7.5% reservation for govt school students

Terming the judgement as historic, Tamil Nadu Chief Minister M.K.

Will Bajwa or his successor reconcile ties with India?

Addressing the Islamabad Security Dialogue in March, 2021 Gen Bajwa