The trade pact was earlier expected to be implemented by the end of 2026.
The EU is hopeful of a smooth ratification process of its FTA with India in its Parliament, given the broad-based political support for it, EU ambassador to India Herve Delphin recently said.
The pact, which was earlier expected to be implemented by 2026 end, would enter into force in 2027.
The envoy also made a case for speedy conclusion of the ongoing negotiation on an investment protection pact.
The two sides need to look at unfinished business as the pact does not cover all relevant areas, particularly investment. European companies not yet operating in India want to come and are ready also to invest more, but need favourable conditions, Delphin said.
“Hopefully, the EU and India should revisit this area (of investments) two years down the road after the entry into force of the FTA, as envisaged in the review clause, to see whether we can find common ground and address this missing element of the investment liberalisation chapter,” he was quoted as saying by Indian media reports.
“Currently, legal teams are going through the negotiated text to give it a legal scrubbing. After scrubbing, the EU has its own ratification process that should go smoothly considering broadbased political support FTA enjoys in Brussels,” he said at an event organised by the Federation of European Business in India (FEBI) on decoding India-EU FTA.
The envoy also made a case for speedy conclusion of the ongoing negotiation on an investment protection agreement (IPA), which should give investors a solid legal framework and an additional incentive to expand their footprint in India.
“And to complete the picture, we should also swiftly conclude negotiations on the third agreement launched in parallel with the FTA and IPA, which is the agreement on geographical indications,” he added.
Fibre2Fashion News Desk (DS)
