Indian Trade and Industry Minister Piyush Goyal said he met European Union (EU) Trade Commissioner Maros Sefcovic in Geneva on Wednesday ahead of their meeting in Brussels next week to iron out differences over the proposed free trade agreement (FTA) between the two sides.
Terming the meeting “productive”, Goyal said it was important as it gave momentum to the ongoing negotiations on the draft FTA, for which he will visit Belgium next week for the 15th formal round of negotiations between India and the EU.
“Had a productive engagement focused on positively resolving outstanding issues regarding the India-EU FTA with Mr. @MarosSefcovic, European Commissioner for Trade and Economic Security, ahead of my visit to Brussels which begins next week,” Goyal said in an article on X.
The Union Minister’s visit follows the conclusion of the 14th round of talks between the two sides from October 6-10.
Meanwhile, Indian Commerce Secretary Rajesh Agrawal also held discussions with European Commission (EC) Director-General for Trade (DG-Trade) Sabine Weyand in Brussels.
Both sides stepped up their commitments to accelerate the conclusion of negotiations by December and signed an agreement before the end of the year.
In June 2022, India and the European bloc resumed negotiations for a comprehensive FTA, an agreement on investment protection and a pact on geographical indications after a gap of more than eight years.
It was at a standstill in 2013 due to differences in the level of market opening, particularly in the agricultural sector on the part of India.
The EU was India’s largest trading partner for goods in 2024-25, with bilateral merchandise trade amounting to $136.53 billion ($75.85 billion in exports and $60.68 billion in imports).
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The EU market accounts for about 17 percent of India’s total exports, and the bloc’s exports to India constitute 9 percent of its total overseas shipments. Exports of Indian products to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products and electrical machinery, can become more competitive if the deal is concluded.
In addition to demanding significant reductions in tariffs on automobiles and medical devices, the EU wants reduced taxes on other products such as wine, spirits, meat, poultry, as well as a strong intellectual property regime.
Negotiations on the India-EU trade deal cover 23 policy areas or chapters, including trade in goods, services, investments, trade remedies, rules of origin, customs and trade facilitation, competition, government procurement, dispute resolution, intellectual property rights, geographical indications and sustainable development.
