Leather, Sports Goods, and Textiles will Benefit from an FTA with the EU, according to Piyush Goyal

Before the next round of talks between India and the European Union on the proposed Free Trade Agreement (FTA) at the end of this month, Commerce and Industry Minister Piyush Goyal said on Monday that the pact will provide greater market access for several domestic sectors in the EU, including textiles, leather, and sports goods.

The two sides resumed talks on June 17 after a more than eight-year hiatus for trade, investment, and geographical indications agreements (GI). A geographical indication (GI) is a symbol used on products that have a specific geographical origin and have qualities or a reputation that are due to that origin.

The next round of talks will take place in New Delhi from June 27 to July 1. "It will open the doors, we believe, to our textiles, leather, pharma, sports goods, some agri products, handicrafts, handlooms. All this will get a bigger market. Our exports will increase," said Goyal.

India began talks with the 27-country economic bloc in 2007 for a trade and investment pact known as the Bilateral Trade and Investment Agreement (BTIA), but the talks were halted in 2013 after both sides failed to reach an agreement on key issues such as customs duties on automobiles and spirits, as well as the movement of professionals.