India-EU FTA: Goyal European counterpart meeting for the second time in a month

The Minister of Trade and Industry Piyush Goyal (right) and the European Commissioner for Trade Maros Sefcovic

The Minister of Commerce and Industry, Piyush Goyal, met with the European Commissioner for Trade Maros Sefcovic in Brussels, their second meeting in one month, to discuss the free trade agreement (ALE) proposed, currently under negotiations between the two regions.

Goyal went to Brussels on May 23 of Washington, while the chief negotiator of India, Satya Srinivas and his team, are already at the EU headquarters for ALE negotiations.

The Indian Minister held meetings with his EU counterpart earlier this month.

“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,” said Sefcovic in an article on X.

In response, Goyal, in an article on the social media platform, said: “We remain attached to the shared prosperity of India and the EU. Let us keep this rhythm!”.

These deliberations assume an importance while India and the European Union of 27 countries plan to conclude the talks of an early trade agreement by July.

Early harvest or an interim trade agreement may include issues such as intellectual property rights (DPI), government purchases, rates and non -tariff obstacles.

Officials of the two parties recently concluded the eleventh cycle of talks on May 16 in the national capital.

“We are looking for an early harvest. We are trying to do so as soon as possible,” said a manager recently.

The two parties agreed to conclude the two -phase agreement due to the uncertain global commercial environment, in particular due to American tariff actions under President Donald Trump.

India has followed the practice of negotiating commercial pacts in two phases with Australia.

The first harvest pact would lead to a full-fledged free trade agreement.

In addition to requiring significant rights reductions in cars and medical devices, the EU wishes a tax reduction in products such as wines, spirits, meat, poultry and an intellectual property regime.

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

In June 2022, India and the EU block of 27 countries resumed negotiations for a complete free trade agreement, an investment protection agreement and a pact on geographic indications (GIS) after a difference of more than eight years.

Negotiations stalled in 2013 due to differences on the market opening level.

On February 28, Prime Minister Narendra Modi and the President of the European Commission agreed to conclude a highly anticipated free trade agreement by the end of this year.

Negotiations of the India-EU commercial commercial cover cover 23 political areas or chapters, in particular trade in goods, trade in services, investment, health and phytosanitary measures, technical obstacles to trade, commercial appeals, rules of origin, customs and trade facilitation, competition, commercial defense, the purchase of government, settlement of disputes, intellectual property rights, sustainable development.

The bilateral trade of India with the goods with the EU was $ 137.41 billion in 2023-24 (exports worth $ 75.92 billion and imports worth $ 61.48 billion), making it the largest trading partner for goods.

The EU market represents approximately 17% of the total exports of India, while EU exports to India represent 9% of its total shipments abroad.

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

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Posted on May 24, 2025