Key discussions on India-EU FTA: Piyush Goyal’s high-level visit to Brussels

Commerce Minister Piyush Goyal to visit Brussels for key India-EU FTA negotiations

Piyush Goyal, Indian Minister of Commerce and Industryis ready to visit Brussels, Belgium, January 18 to 20 engage in high-level discussions on the project India-European Union (EU) Free Trade Agreement (FTA). He will meet Maroš ŠefčovičCommissioner for Trade and Economic Security of the European Commission, to speed up negotiations and strengthen bilateral trade ties.

Objectives of the visit

The visit underlines India’s commitment to fostering stronger trade and investment relations with the EU, a key partner. The main discussions will focus on:

1. India-EU Free Trade Agreement (FTA):
   • Review progress and provide policy guidance to accelerate negotiations.
   • Aim for a trade agreement that is commercially meaningful, balanced, equitable, ambitious and mutually beneficial.
2. Framework of the Trade and Technology Council:
   • Take stock of the council’s work to strengthen commercial and technological collaboration.
3. Global economic context:
   • Discuss global trade disruptions and align strategies for economic resilience.

Importance of India-EU trade relations

• Bilateral trade:
  • The EU is one of India’s main trading partners, with bilateral trade exceeding 180 billion dollars during the 2023-24 financial year.
• Foreign direct investment (FDI):
  • The EU is a major source of FDI for India, contributing $117.34 billionhighlighting its importance in driving India’s economic growth.

Upcoming FTA negotiations

Minister Goyal’s visit precedes that 10th round of FTA negotiationsplanned from March 10-14 in Brussels. The dialogue aims to remove key trade barriers and facilitate deeper economic integration between India and the EU.

Meetings and side events

During his visit, Goyal:

1. Meet Ngozi Okonzo-IwealaDirector General of the World Trade Organization (WTO).
2. Hold discussions with Bernard QuintinBelgian Minister of Foreign Affairs, European Affairs and Foreign Trade.
3. Interact with representatives of Belgian industries and Indian community in Belgium, strengthening economic and cultural ties.

Wider implications

The FTA is expected to improve market access, boost trade in goods and services and promote investment flows between India and the EU. This is part of India’s broader strategy to strengthen economic partnerships with key global markets amid changing trade dynamics.

Piyush Goyal’s visit to Brussels underlines the strategic importance that India attaches to its partnership with the EU. The talks are expected to provide crucial momentum to the FTA negotiations and pave the way for a strong trade deal, benefiting both economies in the long term.