India plans to hold bilateral talks on proposed Free Trade Agreements (FTAs) with the United Kingdom (UK), the European Union (EU) and Canada on the sidelines of a G20 meeting next week, Trade Minister Sunil Barthwal said on August 18.
The bilateral meetings between the nations on the Free Trade Pact will take place during the G20 Trade and Investment Ministers’ Meeting (TIMM), which takes place on August 23-25. Issues related to trade logistics and World Trade Organization (WTO) reforms will also be discussed, the minister said.
The meeting follows the fourth and final meeting of the Trade and Investment Working Group (TIWG) under India’s G20 Presidency, to be held in Jaipur on 21-22 August 2023
“This G20 ministerial meeting will be useful to have some important bilateral talks on free trade agreements. There will be high-level meetings with the UK, there will be talks with Canada and some EU-related issues will also be taken up,” Barthwal said on the sidelines of a briefing on Friday.
Talks are currently underway between New Delhi and the UK, EU and Canada for a free trade agreement with each of these countries to allow for greater and smoother movement of goods and services between them. India is aiming to conclude negotiations on the free trade agreement with Great Britain as early as September.
As of July 28, India and the UK have reached a broad consensus on trade in goods, particularly on the thorny issues of whiskey and automobiles. 19 of the 26 chapters have also been completed. Another round is currently running from Aug. 8 and will last until Aug. 25, Nidhi Mani Tripathi, chief FTA negotiator, said during an Aug. 14 news conference.
Remaining issues between New Delhi and the UK include issues related to intellectual property rights, rules of origin and investment treaties.
Canada and India have completed nine rounds of FTA negotiations so far, having resumed talks in March 2022. Both sides have discussed various areas, including trade defense measures, rules of origin and others, and intend to conclude negotiations as soon as possible. Several rounds of negotiations on the free trade agreement have already taken place with the EU. India and the EU last month discussed outstanding chapters on trade in goods, trade in services, rules of origin and intellectual property rights, among others.
