The India-European Union Free Trade Agreement (FTA) negotiations have made substantial headway, with Ugo Astuto, the European Union Ambassador to India, sharing updates on the ongoing discussions. He said that after five rounds of negotiations, the sixth round will be held in Europe this October.

Share Market Live

NSE

“We have had five rounds of negotiations. The sixth round will be in Europe by October. We also had the visit of executive vice-president who is responsible for trade in August and that meeting was extremely cordial and friendly."

Ambassador Astuto emphasised the shared determination of both sides to propel these discussions towards a fruitful conclusion.

"There is a shared determination on both sides to bring the discussion forward towards a productive conclusion," he said, further adding, "It is a complex negotiation, there is no point in denying it."

Despite the complexity, both negotiating teams are fully committed to the task at hand, he said.

"We are aiming for an ambitious and comprehensive free trade agreement (FTA), so there are a number of topics and issues that need to be taken into consideration. So both teams are fully committed to the work," the EU Ambassador added.

Both countries started negotiations for the trade pact in 2007, but talks stalled in 2013 due to differences in issues like customs duties on automobiles and spirits, and the movement of professionals. Now after a nine-year lull, both nations have relaunched negotiations.