|
India and the European Union are working on the India-EU Free Trade Agreement on a "very fast track basis, trying to speed up the process," said Rajesh Agrawal, Commerce Secretary, Government of India, on the sidelines of BIOFACH 2026, the world's leading exhibition for organic products.
Speaking to ANI, the Commerce Secretary expressed strong optimism about the landmark agreement, noting widespread enthusiasm on both sides. "The India-EU Free Trade Agreement is something which I think everybody is very positive about. There is a lot of positive energy about this FTA in India also, and in Europe also. Whomsoever I have met, they have been very bullish about the FTA, and they feel that the FTA will open up new opportunities for both Europe and India," Agrawal said. Commerce Secretary emphasised that the agreement's impact would extend beyond traditional trade. "Not only trade will grow, but investments also on both sides will grow," he noted. Agrawal detailed his discussions with European counterparts, including the Minister for Agriculture of Germany, which focused on leveraging the FTA to create synergies between Indian and European strengths. "My discussions at Berlin, also my discussions here, focused a lot on how we can leverage this FTA going forward, create more opportunities for our businesses to meet each other and see what are the unique strengths that India and EU has to offer, how those strengths can come together, how their technology and Indian talent can come together to build world class supply chains, world class global value chains, which can serve both India and Europe and also the global market," he explained. When asked about the timeline for the agreement to come into effect, the Commerce Secretary acknowledged the typically lengthy process involving legal scrutiny and translation into all European languages. However, he expressed confidence in an accelerated timeline. "Normally, it takes a lot of time, because there is legal scrub to be done. There is translation in all the languages that is required in Europe that needs to be done. But I think both sides are working on a very fast track basis, trying to speed up the process. And we expect at the best, at the most, I think within next one year. Within next one year, we should make this agreement operational," Agrawal stated. The Commerce Secretary's remarks came during India's participation as Country of the Year at BIOFACH 2026, being held from February 10-13 in Nuremberg. India's prominent presence at the exhibition, with a 1,074 square meter pavilion hosting 67 co-exhibitors from over 20 states, represents the country's first major international engagement following the conclusion of FTA negotiations on January 27. The convergence of the FTA momentum and India's showcase of organic products at BIOFACH underscores the growing economic partnership between India and the EU, with both sides working to expedite the formalisation of their enhanced trade relationship. (ANI)
|
