The European Union and India have agreed to step up efforts to reach a rapid conclusion of their free trade agreement, according to an official statement released on Tuesday.
Minister of Trade and Industry Piyush Goyal and European Commissioner for Trade and Economic Security Maroš Šefčovič reviewed the progress of the negotiations in New Delhi over the past two days.
The two sides held discussions to accelerate the conclusion of the India-EU FTA and deepen trade relations, the Indian Commerce Ministry said in a statement.
The discussions were aimed at providing strategic direction to the FTA negotiating teams as both sides strive to conclude the deal at the earliest, he said.
The meeting between the two men takes place in the context of technical discussions held from December 3 to 9 on key chapters of the agreement covering market access for goods, rules of origin, services and technical barriers to trade.
“Both parties took note of the constant progress made on the various areas of negotiation and agreed on the need to maintain the current dynamic through continuous exchanges,” the press release added.
The ministerial-level discussions reaffirmed the strong political determination of both sides to resolve outstanding issues through constructive engagement and work towards a comprehensive and mutually beneficial outcome, the statement added.
The EU team’s visit “concluded with both sides expressing their confidence and renewed determination to intensify their efforts towards the rapid conclusion of a modern, comprehensive and mutually beneficial agreement”, the ministry said.
If concluded, the India-EU FTA could become one of India’s largest trade agreements, opening up new opportunities in goods, services, green technology, digital trade and manufacturing.
(With inputs from PTI)
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