India-EU set to resume free trade pact talks after 8 years
New Delhi, May 07: India and the European Union are set to resume negotiations for a comprehensive trade agreement. The formal announcement would be made at a virtual summit between Prime Minister Narendra Modi and the top leadership of the 27 nation grouping on Saturday.
The free trade agreement package would also include an investment protection pact and a framework on geographical indication. The FTA talks launched in 2007 hit a roadblock in May 2013 when the two sides failed to come to an agreement on crucial issues, which included tariff data security status for the IT sector and market access.
Sources tell OneIndia that the two sides will resume the negotiations at the virtual summit. The two sides will also announce a connectivity partnership which is aimed at boosting cooperation in sector such as maritime, railways and aviation. This would bring the two sides closer to each other.