NEW DELHI, Oct 27: India and the 27-nation bloc European Union on Monday reviewed the progress of the ongoing negotiations for the proposed free trade agreement (FTA).
The discussion on the pact was held between Commerce and Industry Minister Piyush Goyal and EU Commissioner for Trade and Economic Security Maros Sefcovic in Brussels.
“Our discussions focused on giving impetus to the India-EU FTA negotiations. We also reiterated our shared commitment to achieving a swift, balanced, and mutually beneficial agreement,” Goyal said in a post on X.
Goyal is in Brussels to hold discussions with his EU counterpart on the pact, as the deadline to conclude negotiations nears.
Goyal’s visit follows the conclusion of the 14th round of talks between the two sides from October 6-10.
Commerce Secretary Rajesh Agrawal has also held talks with European Commission (EC) Director General for Trade (DG-Trade) Sabine Weyand in Brussels.
Engagements between the two sides have increased as they have decided to conclude negotiations by December.
In June 2022, India and the EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after a gap of over eight years. It was stalled in 2013 due to differences on the level of opening up markets.
India’s bilateral trade in goods with the EU was USD 136.53 billion in 2024-25 (exports worth USD 75.85 billion and imports worth USD 60.68 billion), making it the largest trading partner for goods.
The EU market accounts for about 17 per cent of India’s total exports, and the bloc’s exports to India constitute 9 per cent of its total overseas shipments.
Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in other products like wine, spirits, meat, poultry, and a strong intellectual property regime.
Indian goods’ exports to the EU, such as readymade garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through.
The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, services, investment, trade remedies, rules of origin, customs and trade facilitation, competition, government procurement, dispute settlement, intellectual property rights, geographical indications, and sustainable development. (PTI)
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