India and the European Union (EU) will resume negotiations on a free trade agreement (FTA) in Brussels today, March 10, after a gap of over eight years, an Indian government official said on Monday.
The official said that, during a recent visit of EU Commissioner for Trade and Economic Security Maros Sefcovic to India, the parties discussed ways to accelerate efforts towards a balanced and mutually beneficial trade pact.
Though no official deadline has been set for the signing of an FTA, Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen last month at a meeting in New Delhi agreed to conclude the ambitious India-EU free trade deal by this year amid fears of the Trump administration's threat of higher tariffs, the official said.
The parties will also be negotiating an investment protection agreement and an agreement on Geographical Indications (GIs), he added.
In the fiscal year 2023-24, India’s exports to the EU stand at an estimated $76 billion in goods and $30 billion in services, while the EU exports $61.5 billion in goods and $23 billion in services to India.