India and the 27-nation European Union (EU) concluded the 14th round of negotiations on a draft free trade agreement (FTA) in Brussels, as both sides seek to resolve outstanding issues and move closer to signing the deal by the end of the year, PTI reported citing an official.The five-day round, which began on October 6, focused on narrowing gaps between key areas of trade in goods and services. Indian negotiators were then joined by Commerce Secretary Rajesh Agrawal in the final days to add further momentum to the negotiations.
During his visit, Agrawal held discussions with Sabine Weyand, director-general for trade at the European Commission, as both sides worked to accelerate progress on the long-pending trade deal.Commerce and Industry Minister Piyush Goyal recently said he hoped the two sides could sign the deal soon. Goyal is also expected to travel to Brussels to meet his European counterpart Maros Sefcovic for a high-level review of the progress made so far.India and the EU have set an ambitious goal of concluding negotiations by December, officials familiar with the matter said, PTI reported.Negotiations for a comprehensive trade agreement between India and the EU were restarted in June 2022 after a hiatus of more than eight years. The process was suspended in 2013 due to significant differences on market access and tariff liberalization.The EU has sought to further cut tariffs in sectors such as automobiles and medical devices, as well as reducing tariffs on products such as wine, spirits, meat and poultry. He also pushed for a stronger intellectual property framework as part of the deal.For India, the proposed deal could make key export categories such as ready-made garments, pharmaceuticals, steel, petroleum products and electrical machinery more competitive in the European market.Negotiations on the India-EU trade deal cover 23 policy chapters covering areas such as trade in goods and services, investment protection, sanitary and phytosanitary standards, technical barriers to trade, rules of origin, customs procedures, competition, trade defense, government procurement, dispute resolution, geographical indications and sustainable development.India’s bilateral trade in goods with the EU stood at $136.53 billion in 2024-25, comprising exports worth $75.85 billion and imports worth $60.68 billion, making the bloc India’s largest trading partner in goods.The EU accounts for nearly 17 percent of India’s total exports, while India accounts for around 9 percent of the bloc’s overall exports to global markets. Bilateral trade in services between the two partners was estimated at $51.45 billion in 2023.
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