German Business Conference
India will not open dairy sector for FTA with any region, says Minister Goyal
This story was originally published at 14:50 IST on 25 October 2024
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NEW DELHI – The Indian government will not include the domestic dairy sector under a free trade agreement with any region, Commerce and Industry Minister Piyush Goyal said Friday. Referring to the negotiations with the European Union, Goyal said, "If the EU insists that I open dairy, there's no FTA."
India has already signed a trade pact with Australia without including the dairy sector, Goyal said at the 18th Asia Pacific Conference of German Business. India and Australia signed an Economic Cooperation and Trade Agreement in 2022.
India has been negotiating a trade deal with the European Union for over a year. The free trade agreement can be signed faster and more "honourably", if both India and the European Union respect each other's sensitivities, Goyal said.
The two sides held the ninth round of negotiations in September. At the meeting, India also voiced concerns over the Carbon Border Adjustment Mechanism imposed by the European Union, the commerce ministry had said.
To mitigate the risks of climate change, the European Union has announced a phased implementation of the Carbon Border Adjustment Mechanism. Under this, those exporting goods to the European Union have to report the carbon content of a commodity, based on which, it will be taxed. The carbon tax collection is expected to begin from 2026.
The European Union is among India's top export destinations. India exported goods worth $75.93 billion to the European Union in 2023-24 (Apr-Mar), and imported goods worth $61.48 billion during the year, commerce ministry data shows. End
US$1 = INR 84.07
Reported by Krity Ambey
Edited by Ashish Shirke
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