Expect an India-EU trade deal by year-end: Piyush Goyal

Doha: Amid the 14th round of trade talks between India and the European Union (EU) currently underway in Brussels, Commerce and Industry Minister Piyush Goyal expressed optimism that the two sides would conclude a “fair and balanced” trade deal by the end of December, while respecting each other’s sensitivities. He also announced that Commerce Secretary Rajesh Agrawal would visit EU headquarters later this week to take the negotiations forward.

“There have been very good discussions between India and the EU in Brussels. Our entire team is there. We hope to work together in a spirit of deep understanding of each other’s sensitivities so that we can achieve a very fair, just and balanced trade deal between the $20 trillion European Union of 27 countries and India, the fastest growing major economy in the world today,” Goyal told media in Doha on Tuesday. He highlighted the complementary strengths of India and the EU, highlighting the potential for a mutually beneficial partnership.

“Our young, talented and qualified population constitutes a great resource for the European Union; it needs talented young people,” he said. “The innovation and technology that the EU possesses holds enormous potential for Indian businesses. Together, EU and Indian businesses can leverage each other’s strengths to serve the world more effectively.”
On prospects of reviving stalled trade talks with the United States and whether officials in Washington had indicated a timetable to travel to New Delhi for the long-awaited sixth round of talks, Goyal said the two countries continue to engage at “different levels”.

However, he said the current U.S. government shutdown has introduced uncertainties about the timing, location and format of any formal negotiations. “All possibilities (for negotiations) exist, but the US government is currently in shutdown mode. With this in mind, it remains to be seen how, where and when negotiations can take place,” he said. In the United States, a government shutdown occurs when Congress fails to pass funding bills required to keep federal agencies operating during the next fiscal year, which begins October 1.

Trade talks between India and the United States were at a standstill after President Donald Trump imposed steep tariffs of 50% on several Indian products starting in August, citing the move partly as a reciprocal measure and partly as a penalty for India’s purchase of Russian oil. Although India has called the tariffs “unfair,” it has so far refrained from taking retaliatory measures, keeping the door open for further dialogue. (The journalist is in Doha at the invitation of Ficci)