NICOSIA, December 30 (PTI) Foreign Minister S Jaishankar said on Friday that Cyprus was “very helpful” in moving India’s free trade deal with the European Union.
Negotiations between India and the European Union on a Free Trade Agreement (FTA) have stalled since May 2013, with both sides unable to close substantial gaps on key issues, including the data security status of the IT sector. increase.
Talks will resume at the India-EU Summit in Porto in 2021. Negotiations with a group of 27 countries he started in June 2007.
“We are working on free trade agreements with various countries to facilitate business. Obviously, a free trade agreement with the European Union is under negotiation and this decision was made at the Porto Summit.”
“I think the Cypriot government has been very helpful in motivating the European Union in that regard. We are very, very grateful for that…”
He also said Cyprus has a strong voice in terms of the importance and need to strengthen EU-India relations.
Bilateral trade between India and the EU will reach USD 116.36 billion in 2021-2022. Despite global turmoil, bilateral trade has achieved a staggering annual growth rate of 43.5% from 2021 to 2022.
A second round of negotiations was held in Brussels in September 2022.
Cyprus’ Foreign Minister Ioannis Kasurides also addressed the business event, saying, “We discussed the framework of the EU-India relationship for peace and security, as well as effective multilateralism.”
The EU is currently India’s second largest trading partner after the United States and is India’s second largest export destination.
A trade agreement with the EU will help India further expand and diversify its exports of goods and services, including securing the value chain. Both sides aim for trade negotiations to be broad, balanced and comprehensive, based on the principles of fairness and reciprocity.
Jaishankar will visit Cyprus for three days to celebrate the 60th anniversary of the establishment of diplomatic relations between India and Cyprus.
