Government is going to push for bridging the gaps on several contentious issues in trade talks with the European Union next month, while also demanding that the trading bloc offer concessions on carbon tax on the lines of the deal with the US, an official, quoted by Times of India, said Wednesday.
"We are in the last mile, quite a few things are narrowing down. There are a handful of major issues and we are trying to narrow the gaps and then leave it to the leaders to take a political call," the official said ahead of the next round of talks scheduled for Sept 8-12. EU commissioner for trade and economic security MaroS Šefcovicis also expected to travel to the Capital after the official level meeting to hold consultations with commerce and industry minister Piyush Goyal.
Both sides have targeted a year-end deadline to close the agreement, with India aiming to plug the gap in Europe after sealing pacts with the UK and the European Free Trade Association — Switzerland, Norway, Iceland and Liechtenstein. These deals are part of India’s strategy to diversify exports, building on trade pacts with Australia, ASEAN, the UAE and Mercosur.
Sources told TOI that govt will help exporters diversify, with the focus expanded from 20 countries to 50, while also coming out with export promotion measures to overcome the challenge of US tariffs. Intensive consultations are lined up with exporters in the coming days.
Govt officials said based on the feedback, strategies to offset the impact of the US tariffs, including support from the Centre, will be devised.
Outreach in countries, including the UK, Japan, and South Korea, to push textiles exports are also planned, with similar initiatives planned for other sectors. In case of textiles for instance, 40 potential markets have been identified and in each case a targeted approach is proposed, positioning Indian companies as reliable suppliers of quality, sustainable, and innovative textile products. Official said that export promotion councils (EPCs) will be the mainstay of the diversification strategy.
(With TOI inputs)
"We are in the last mile, quite a few things are narrowing down. There are a handful of major issues and we are trying to narrow the gaps and then leave it to the leaders to take a political call," the official said ahead of the next round of talks scheduled for Sept 8-12. EU commissioner for trade and economic security MaroS Šefcovicis also expected to travel to the Capital after the official level meeting to hold consultations with commerce and industry minister Piyush Goyal.
Both sides have targeted a year-end deadline to close the agreement, with India aiming to plug the gap in Europe after sealing pacts with the UK and the European Free Trade Association — Switzerland, Norway, Iceland and Liechtenstein. These deals are part of India’s strategy to diversify exports, building on trade pacts with Australia, ASEAN, the UAE and Mercosur.
Sources told TOI that govt will help exporters diversify, with the focus expanded from 20 countries to 50, while also coming out with export promotion measures to overcome the challenge of US tariffs. Intensive consultations are lined up with exporters in the coming days.
Govt officials said based on the feedback, strategies to offset the impact of the US tariffs, including support from the Centre, will be devised.
Outreach in countries, including the UK, Japan, and South Korea, to push textiles exports are also planned, with similar initiatives planned for other sectors. In case of textiles for instance, 40 potential markets have been identified and in each case a targeted approach is proposed, positioning Indian companies as reliable suppliers of quality, sustainable, and innovative textile products. Official said that export promotion councils (EPCs) will be the mainstay of the diversification strategy.
(With TOI inputs)
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