The meeting was important as Goyal is scheduled to visit Brussels next week to give impetus to the ongoing negotiations on the proposed trade agreement between India and the European Union.
“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.
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 investment protection agreement and a pact on geographical indications after a gap of more than eight years. They were blocked in 2013 due to differences over 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.
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