Geneva (Switzerland): Trade and Industry Minister Piyush Goyal had a productive engagement focused on positively resolving outstanding issues regarding the India-EU FTA with European Commissioner for Trade and Economic Security Maros Sefcovic.
“The shared commitment of both parties to redefine the relationship is deeply encouraging,” Piyush Goyal wrote on X after the meeting.
The European Commissioner for Trade and Economic Security said on X that he was happy to have reconnected with Minister Goyal ahead of his visit to Brussels next week. “Our goal remains the same: to continue progress and raise trade and investment relations to a new level,” Sefcovic added.
On June 17, 2022, the European Union relaunched negotiations with India for a free trade agreement.
The EU is India’s largest trading partner, accounting for €124 billion in goods trade in 2023, or 12.2% of total Indian trade. India is the EU’s 9th largest trading partner, accounting for 2.2% of the EU’s total trade in goods in 2023. Trade in services between the EU and India reached €59.7 billion in 2023, up from €30.4 billion in 2020.
India and the EU have decided to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. This commitment builds on the strategic direction given by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen during the historic visit of the College of Commissioners of the EU to New Delhi in February 2025.
India has accelerated discussions on free trade agreements (FTAs) with key partners in several regions.
The country is actively negotiating trade agreements with nearly a dozen countries, including the United States, the European Union, Australia, Sri Lanka and several others, with the aim of expanding trade and securing long-term growth opportunities.
The country is also in talks to enter into bilateral trade agreements with countries like New Zealand, Sri Lanka, Oman, Chile, Korea and Peru, among others.
The next few months are expected to be crucial, as the outcomes of these negotiations could redefine India’s role in the global trade architecture and shape its economic trajectory for the next decade.
(With contributions from ANI)
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