India, EU discuss FTA implementation ahead of December signing
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In an effort to advance their free trade agreement, India and the European Union held pivotal discussions led by Commerce Secretary Rajesh Agarwal, who visited Brussels for dialogues with prominent EU officials. Central to the talks were customs cooperation and trade facilitation, deemed critical for the agreement's efficacy. Additionally, industry stakeholders from the diamond sector were engaged to harness opportunities within India's expanding market.
New Delhi, India and the European Union have discussed implementation issues of the free trade agreement (FTA), which is scheduled for signing in December, an official statement said on Monday.The issues were discussed during the visit of Commerce Secretary Rajesh Agarwal to Brussels last week.
Agrawal met with Ditte Juul Jorgensen from the Directorate-General for Trade and Economic Security; Koen Doens from the Directorate-General for International Partnerships; and Gerassimos Thomas from the Directorate-General for Taxation and Customs Union, European Commission.
The meetings, according to the commerce ministry, focused on customs cooperation, trade facilitation, and preparations for the implementation of the India-EU FTA.
"Both sides recognised the importance of efficient, transparent, and digitally enabled customs procedures in supporting businesses, reducing transaction costs, and ensuring the smooth movement of legitimate trade," it said.
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The two sides announced on January 27 the conclusion of the negotiations for the agreement, which will allow duty-free access to Indian labour intensive sectors such as leather, textiles, and gems and jewellery.
The ministry also said that the secretary met stakeholders from the diamond industry, including representatives associated with the Antwerp diamond ecosystem.
The discussions covered 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 have identified gems and jewellery as an important area for deeper cooperation, with Antwerp, Mumbai, and Surat recognised as major diamond centres.
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