The Minister of Commerce and Industry, Piyush Goyal, had another series of discussions with the European Commissioner for Trade Maros Sefcovic in Brussels, marking his second interaction in less than a month.
The meeting reflected the sustained thrust of both parties to accelerate the progress of the Indian Union-European Union (ALE), negotiations for which are currently underway, said PTI.
Goyal flew to Brussels on May 23 after a visit to Washington. The chief negotiator of India, L Satya Srinivas, with his team, had already reached the headquarters of the European Union to continue the deliberations. Discussions are part of a broader effort to finalize an early harvest agreement, considered a springboard to a full -fledged Ale.
Taking on social networks, Sefcovic expressed his optimism after the meeting. “Delighted to welcome my friend and counterpart @piyushgoyal. We continue to progress. Maintain the momentum-with hard work, a clear concentration-and I look forward to our next meeting,” he published on X. Goyal responded on the platform, declaring this rhythm! “”
Focus on the early agreement of harvest by July
The two regions aim to conclude a provisional trade agreement by July. This preliminary pact should address several key areas, including intellectual property rights, government supply policies, tariff structures and obstacles to non -tariff trade.
The most recent round – the eleventh – Ale negotiations took place in New Delhi on May 16. “We are looking for an early harvest. We try to do it as soon as possible,” an official involved in the discussions commented recently.
This progressive approach reflects India’s strategy with other business partners, such as Australia. Given the current global uncertainty, including pricing policies in the United States under the Trump administration, India and the EU have agreed to divide the AFT process into two stages.
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Strategic interests and sectoral requirements
The European Union is pressure for a considerable reduction in import duties on cars, medical equipment and products such as wines, spirits, meat and poultry. In addition, he is looking for an intellectual property rights regime. For India, the ALE could make exports such as textiles, pharmaceutical products, steel, petroleum products and more competitive electric machines on the European market.
Negotiations between India and the EU resumed in June 2022, following an eight -year interruption. The anterior round of talks collapsed in 2013 due to disagreements on the extent of market liberalization.
In an important political development at the start of this year, Prime Minister Narendra Modi and the president of the European Commission agreed on February 28 to conclude the long -standing trade agreement by the end of 2025.
India-Eu Trade: an increasing partnership
India and the EU block of 27 countries negotiate 23 policy chapters, ranging from trade in investment goods and services, health and phytosanitary measures, government purchases and sustainable development, among others.
The trade in bilateral products between the two reached $ 137.41 billion in 2010, India exports reaching $ 75.92 billion and imports at $ 61.48 billion. The EU continues to be India’s largest trading partner in goods, representing around 17% of the country’s total exports. Conversely, EU exports to India represent approximately 9% of EU’s total world expeditions. In addition, the bilateral trade in services was estimated at $ 51.45 billion in 2023.
While the two parties intensify efforts to finalize an agreement, the result could redefine trade flows between two of the main world economies.
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