India, EU Discuss Carbon Tax & Trade Agreement

New Delhi, Nov 7 (PTI) India and the EU have agreed to further accelerate the efforts towards negotiating a balanced trade agreement even as New Delhi has stressed the need for clarity and predictability in the implementation of the EU's proposed carbon tax and new steel regulations.

A senior team of negotiators from the European Union (EU) visited the national capital from 3-7 November for talks with Indian counterparts on the proposed India-EU Free Trade Agreement (FTA), the commerce ministry said on Friday.

The week-long discussions were part of the ongoing efforts to advance negotiations towards a comprehensive, balanced, and mutually beneficial trade agreement.

The deliberations covered a wide range of chapters, including goods, services, investment, trade and sustainable development, rules of origin, and technical barriers to trade, it said.

As part of the negotiations, Commerce Secretary Rajesh Agrawal held detailed meetings with Sabine Weyand, Director-General for Trade, European Commission, to take stock of the progress achieved across negotiating tracks.

On November 5-6, they deliberated upon the key outstanding issues in FTA negotiations and it was agreed to further accelerate the efforts towards a balanced trade agreement.

The secretary reaffirmed India's commitment to achieving an outcome that advances economic growth and development while ensuring a fair and balanced distribution of benefits.

"He also emphasised the need for clarity and predictability in the implementation of emerging EU regulatory measures, including the Carbon Border Adjustment Mechanism (CBAM) and proposed new steel regulation," the said.