India's textiles exports to that market are around US $2.5-3 billion annually.
After a gap of two years, India and the European Union will resume negotiations in August on the proposed free trade agreement for boosting two-way commerce and investment.
"Both the sides have agreed that negotiators must meet. We have conveyed that. Sometimes in August, the EU chief negotiator will be available for negotiations. They have also conveyed that in August they are available for talks," Commerce Secretary Rajeev Kher told reporters here.
No negotiations were held after both sides failed to bridge substantial gaps on crucial issues in May 2013 here.
Kher said this is the right time to move on the proposed agreement as exports and imports with the EU are shrinking.
"Textiles and leather sectors are facing the beating (in the EU markets). So, by reducing tariffs, you can get greater market access. The benefits under the Generalised System of Preferences (GSP) has also gone," he said.
India's textiles exports to that market are around US $2.5-3 billion annually.
Kher, however, said: "We need to bring in craftsmanship and strategy in our negotiations rather than generic talks".
The India-EU trade talks, formally known as the Broad- based Trade and Investment Agreement (BTIA), remain stuck as the EU is not satisfied with India's offers in areas such as government purchases and market access for automobiles and wines and spirits. The talks launched in June 2007 and it has missed several deadlines.
The 28-nation bloc had also asked to include labour and environment related aspects besides liberalisation in multi-brand retail and legal services. India is reluctant to make commitments on these issues.
On the other hand, India is insisting for data secure nation status and immigration quota from the EU. The status is crucial as it will have a bearing on Indian IT companies wanting market access in the 28-nation bloc.
Another official said that India has extreme sensitivities in sectors such as automobiles.
Indian auto industry has already expressed concerns that any concessions in the sector would have far-reaching consequences for it and have an impact on the Modi- government's 'Make in India' initiative.
Talking about other free trade pacts, he said the next round of talks with Australia is expected next month.
"Now we have to discuss the specifics. In services, Australia gave us an offer which we found is not complete and we have to give them our request. We will do it by tomorrow. By July 31, both the sides would exchange offers in services sector," he said.
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