“All FTAs are progressing as planned, whether it’s the FTA with the EU or the FTA with the UK,” the official said.
A bilateral meeting is scheduled in the coming weeks between the Secretary of Commerce and the Secretary-General of the European Union to consider negotiations on a proposed trade agreement with the European Union.
The two sides will also meet as part of the Trade and Technology Council (TTC).
In addition to the EU and the UK, India is also negotiating these agreements with Australia, Peru, Sri Lanka and Oman.
In such an agreement, two trading partners significantly reduce tariffs or eliminate a maximum number of goods traded between them. It will also ease standards to promote trade in services and attract investment. India has so far concluded FTAs with many countries including Japan, South Korea, Singapore, and the UAE. According to the Ministry of Commerce, the next round of negotiations on the proposed free trade agreement between India and Peru will be held after the FTA strategy is finalized.
The standard operating procedure (SOP) or strategy document for negotiating a free trade agreement (FTA) is expected to be finalized by the end of this year. This is an internal document aimed at standardizing the negotiation process for these agreements.
The ministry also announced that negotiations for the Comprehensive Economic Partnership Agreement (CEPA) with Oman were completed in March this year, but further discussions are ongoing.
