India, the EU discusses efforts to accelerate AFT talks

The meeting was held between trade and the Minister of Industry Piyush Goyal and the EU Commissioner for Trade and Economic Safety Maros Sefcovic. Deposit. | Photo credit: @piyushgoyal on x via pti

India and the European Union (EU) fixing the end of year deadline to conclude a free trade agreement, teams from both parties had discussions on Saturday March 1, 2025) to accelerate efforts to a balanced and mutually beneficial pact.

The meeting was held between trade and the Minister of Industry Piyush Goyal and the EU Commissioner for Trade and Economic Safety Maros Sefcovic in Mumbai with officials on both sides.

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“Our discussions focused on accelerating efforts to a balanced and mutually beneficial free trade agreement. Looking forward to deepening economic ties and promoting a Prosperous India-UE partnership, “said Goyal in an article on X.

On February 28, Prime Minister Narendra Modi and the president of the European Commission Ursula von der Leyen agreed to conclude a long-awaited free trade agreement by this year in the midst of the growing concerns concerning the policy of the American president Donald Trump on the prices.

The two parties should hold the tenth series of negotiations for the FTA from March 10 to 14 in Brussels.

The additional strengthening of economic ties between the two is crucial in the light of the threat of American president Donald Trump to impose higher rates. In the current global economic situation, India is the fastest great economy. It should grow at 6.4% in 2024-25.

In June 2022, India and the EU block in 27 countries resumed negotiations after a gap of more than eight years. He stalled in 2013 due to differences on the market opening level.

In addition to requiring significant rights reductions in cars, the EU wishes a tax reduction in wines, spirits and an intellectual property regime.

Exports from Indian products to the EU, such as ready -to -use clothing, pharmaceutical products, steel, petroleum products and electric machines, will become more competitive if the pact is successfully concluded.

India is also looking for data security for the IT sector. The absence of this status prevented the flow of information sensitive to India, a big problem for its IT industry.

The bilateral trade of India with the goods with the EU was $ 137.41 billion in 2023-24 (exports $ 75.92 billion, imports $ 61.48 billion), making it the largest trading partner in India. The EU market represents approximately 17% of the total exports of India, while EU exports to India represent 9% of its total exports.

In addition, the bilateral trade in services in 2023 between India and the EU was estimated at $ 51.45 billion.

The agreement aims to further increase bilateral trade and investments between the two. The two parties negotiate a free trade agreement, an investment protection agreement and an agreement on geographic indications (GIS).

EU investments in India are estimated at more than $ 117 billion with around 6,000 European companies present in India. India investments in the EU are valued at around $ 40 billion.