New Delhi, 02 November (H.S.): India and the European Union (EU) have held discussions on preparations for implementing their proposed Free Trade Agreement (FTA), with a focus on simplifying customs procedures, improving market access and strengthening trade cooperation. The agreement is scheduled to be signed in December.

Commerce Secretary Rajesh Agrawal held a series of high-level meetings with senior European Commission officials and industry representatives during his visit to Brussels last week.

Agrawal met Ditte Juul Jørgensen, Director-General of the Directorate-General for Trade and Economic Security (DG TRADE); Koen Doens, Director-General of the Directorate-General for International Partnerships (DG INTPA); and Gerassimos Thomas, Director-General of the Directorate-General for Taxation and Customs Union (DG TAXUD).

The discussions focused on customs cooperation, trade facilitation and preparations for the implementation of the India-EU FTA. Both sides acknowledged the importance of efficient, transparent and digitally enabled customs procedures in supporting businesses, reducing transaction costs and ensuring the smooth movement of legitimate trade.

The Ministry of Commerce and Industry stated that the two sides had also recognised the need to facilitate business operations and strengthen cooperation to expand bilateral trade.

India and the European Union announced the conclusion of negotiations on the FTA on January 27. The proposed agreement is expected to provide duty-free access to several labour-intensive Indian sectors, including leather, textiles, gems and jewellery, thereby creating additional opportunities for exporters and businesses.

During his Brussels visit, Agrawal also met stakeholders from the diamond industry, including representatives associated with Antwerp's diamond trading community.

The discussions covered the global diamond value chain, certification and traceability requirements, responsible sourcing practices, and opportunities emerging from India's expanding diamond market and manufacturing ecosystem.

The ministry further noted that India and Belgium had identified the gems and jewellery sector as an important area for enhanced cooperation. Antwerp, Mumbai and Surat have been recognised as major global diamond centres, reflecting their significance in the international diamond trade.

The engagements are part of broader efforts by India and the European Union to strengthen their economic partnership, improve trade facilitation and prepare for the next phase of bilateral commercial cooperation.

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Hindusthan Samachar / Jun Sarkar