India and the European Union will resume talks in August after a two-year gap on the proposed free trade agreement (FTA) for boosting two-way commerce and investment.
“Sometime in August, the EU chief negotiator will be available for negotiations. They have also conveyed that in August they are available for talks,” commerce secretary Rajeev Kher told newsman in New Delhi.
Talks for an FTA with the 28-nation bloc EU have been going on since 2007. The last round of talks was held in 2013 in New Delhi where the two sides failed to bridge substantial gaps on crucial issues. India’s textile industry would be hoping for a breakthrough in the talks to improve the state of garment exports.
“Textiles and leather sectors are facing a beating in EU markets. So, by reducing tariffs, you can get greater market access. The benefits under the Generalised System of Preferences (GSP) has also gone,” he said.
India’s textiles exports to that market are around 2.5-3 billion US Dollar annually. Kher, however, said: “We need to bring in craftsmanship and strategy in our negotiations rather than generic talks”.
He said this is the right time to move on the proposed agreement as exports and imports with the EU are shrinking.
