New Delhi: India and the European Union have reaffirmed their commitment to resolving problems pending concerning their ambitious free trade agreement (ALE) in the next series of negotiations provided for in New Delhi from May 12 to 16, said an official statement on Friday,
The Minister of Trade and Industry of the Union, Piyush Goyal and Maros Sefcovic, the European Commissioner for Trade and Economic Safety, had met in Brussels and discussed the progress of discussions aimed at navigating in world trade challenges and solidifying their resolution to reach this important stage.
During the meeting, India stressed the importance of giving equal attention to non -tariff barriers (NTB) in parallel with tariff negotiations to ensure significant progress. The meeting highlighted the progress made in various negotiation fronts. The two parties highlighted the critical need to maintain the current momentum thanks to regular monthly negotiations and continuous virtual commitment.
The Free Trade AG India-UE aspires to reflect the evolution of the dynamics of global trade by actively supporting the digital transition and promoting diversified and resilient supply chains.
The ALE agreement should improve market access, promote regulatory cooperation and stimulate innovation and competitiveness for Indian and European companies.
In an article on social networks on “X”, Goyal said: “Redefine the India-UE partnership, in my highly productive dialogue with the EU commissioner for commercial security and economic security @marossefcovic today, we have reaffirmed our shared commitment to conclude the negotiations of the Indian-EU free trade agreement by the end of 2025”.
Statistically, during fiscal year 2023-24, the total value of the goods negotiated between India and the European Union reached USD 137.41 billion, India exporting USD 75.92 billion 61.48 billion USD.
The EU serves as a large market for India, absorbing approximately 17% of its total exports. Conversely, India represents around 9% of total EU exports.
“In the spirit of the emergence of India as” Vishwa Mitra “- a partner of the world- and aligning itself on its development objectives in 2047, India-EU FTA is considered an instrument to promote diversified production networks and maintain the principles of fair trade,” the Ministry of Commerce said in a press release.
India and the EU reaffirmed their commitment to close the ALE at the end of the year.
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