NEW DELHI, Oct 27: India and the 27-nation European Union on Monday reviewed the progress of the ongoing negotiations on the proposed Free Trade Agreement (FTA).
The discussion on the agreement took place between Trade and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic in Brussels.
“Our discussions focused on building momentum on the India-EU FTA negotiations. We also reiterated our shared commitment to reach an early, balanced and mutually beneficial agreement,” Goyal said in an article on X.
Goyal is in Brussels to discuss the deal with his European counterpart, as the deadline to conclude negotiations approaches.
Goyal’s visit follows the conclusion of the 14th round of talks between the two sides from October 6-10.
Commerce Secretary Rajesh Agrawal also held discussions with European Commission (EC) Director-General for Trade (DG-Trade), Sabine Weyand, in Brussels.
Engagements between the two sides intensified as they decided to conclude negotiations by December.
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 blocked in 2013 due to differences in the level of market opening.
India’s bilateral merchandise trade with the EU stood at $136.53 billion in 2024-25 ($75.85 billion in exports and $60.68 billion in imports), making it the largest merchandise trading partner.
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.
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.
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.
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. (PTI)
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