The Minister of Commerce, Piyush Goyal, met with European Commissioner Maros Sevcovic for the second time this month on Friday, May 23 to advance free trade talks between India and the European Union.
The European Union’s partnership with India becomes significant as its links with the United States vacillate and that relations with China remain unpredictable.
“We continue to progress,” said Commissioner Sevcovic on the social media platform X, a few hours after US President Donald Trump recommended “a 50%right rate” on the European Union, because commercial transactions with the block “do not come anywhere”.
The EU had previously declared that it had “deeply valued” its partnership with India and aimed at a “commercially significant” agreement.
A trade agreement should be finalized by the end of 2025 to extend access to the market and build resilient and diversified supply chains and open markets for goods and services between the EU and India.
Read also: Piyush Goyal meets the American secretary for trade for the second time in a week to discuss the proposed commercial pact
The partnership aims to create opportunities, access and sustainable growth, which are all important in the “climate of today global uncertainty”, said Sevcovic at the time.
Meanwhile, the Indian Minister of Commerce is busy cement of trade agreements with the United States before the deadline of July 9 when the suspension of the reciprocal prices of 90 days of America expires.
On May 23, Piyush Goyal met the United States Secretary of Trade Howard Luneck in Washington, DC, for the second time in a week, to finalize an interim commercial pact to obtain a 26% reciprocal rate on Indian goods.
Meanwhile, Trump called Apple to withdraw from markets like India and ensure that iPhones sold in the United States are manufactured in the United States.
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(Edited by: Asmita pants))
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