EU-India FTA Hopeful in 6 Months, Says Tajani

Mumbai, Dec 11 (PTI) Italy's Deputy Prime Minister Antonio Tajani on Thursday expressed hope that the India-European Union Free Trade Agreement (FTA) will be signed in the next six months.

Speaking on the sidelines of the Italy-India Business Forum here in the presence of Union Commerce Minister Piyush Goyal, Tajani said the deal between the fourth-largest economy and the 27-country bloc is very important as it will help his country's exports.

"I want to be optimistic, if during the first six months of next year, it is possible to achieve the goal (of signing the deal)," Tajani said.

Goyal, however, declined to give a timeline by which he expects the deal to be signed, but opined that all the issues will be resolved to have a fair, balanced and equitable deal which will be a win-win for all.

The minister said the deal between two economies of a size, scale and growth potential as India and the European Union will be a "defining agreement" of the 21st century.

"Obviously, it takes time. Obviously, we have a lot of things to consider. You need to crystal gaze into the future, you need to ensure that sensitivities on both sides are protected, and you need to grab the low-hanging fruit so that businesses and people on both sides can benefit," Goyal said, adding that negotiations are with a sense of urgency, but never in haste or with a deadline.

"Every issue is important, and no issue is such that it cannot be resolved to mutual satisfaction. There are issues under discussion," Goyal said.

The minister said countries, like Italy, will be able to export their wines and automobiles to India and in turn, India will be able to export whiskies, textiles and auto components to the 27-country bloc.

Teams are putting in their best efforts to deliver a good agreement, leaving no stone unturned.

Both Goyal and Tajani stressed the need for cooperation between democracies for the smooth supply of raw materials in the global market, while the Indian minister also flagged concentration risks amid the weaponisation of trade.

Tajani said one country cannot play a "kingmaker" in deciding the raw material prices, which are critical for production.

The Italian Deputy PM said there is a need for a "political agreement" between Italy, Europe, India, Japan, and the US on this aspect.

Goyal also said that given the deepening ties between Rome and New Delhi, India-Italy ties will be a defining relationship of the 21st century.

Tajani marked pharma, maritime security, technology and defence as among the sectors where India and Italy can cooperate, and also stressed the important role that the bilateral partnership will play in making the India-Middle East-Europe Economic Corridor a reality.

"We (Italy and India) are paving the way for strong action in favour of trade and in favour of infrastructure. This corridor is very, very important also for peace," the visiting minister said.

Goyal said both countries have discussed setting up a "startup bridge", where both budding enterprises and talent can interact with each other, and also exhorted focused work on waste-to-energy, which can focus on making access to technologies cheaper for India.

Sports is another area where both countries should focus, Goyal said, hoping that Italy backs India's bid to host the 2036 Olympics.