Geneva [Switzerland], October 23 (ANI): Commerce and Industry Minister Piyush Goyal had a productive engagement focused on the positive resolution of the outstanding issues with respect to the India-EU FTA with EU Commissioner for Trade and Economic Security Maros Sefcovic.
“The shared commitment on both sides towards redefining the relationship is deeply encouraging,” Piyush Goyal wrote on X after the meeting.
EU Commissioner for Trade and Economic Security said on X he was glad to have reconnected with Minister Goyal ahead of his visit to Brussels next week. “Our goal remains the same – to keep making progress and elevate the trade and investment relationship to a new level,” Sefcovic added.
On 17 June 2022, the European Union relaunched negotiations with India for a Free Trade Agreement.
The EU is India’s largest trading partner, accounting for EUR124 billion worth of trade in goods in 2023 or 12.2% of total Indian trade. India is the EU’s 9th largest trading partner, accounting for 2.2% of the EU’s total trade in goods in 2023. Trade in services between the EU and India reached EUR59.7 billion in 2023, up from EUR30.4 billion in 2020.
India and the EU resolved to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. This commitment builds on the strategic direction given by Prime Minister Narendra Modi and President of the European Commission, Ursula von der Leyen during the landmark visit of the EU College of Commissioners to New Delhi in February 2025.
India has accelerated discussions on free trade agreements (FTAs) with key partners across multiple regions.
The country is actively negotiating trade agreements with nearly a dozen countries, including the United States, European Union, Australia, Sri Lanka and several others, in a bid to expand trade and secure long-term growth opportunities.
The country is also in talks for bilateral trade agreements with countries like New Zealand, Sri Lanka, Oman, Chile, Korea, Peru, among others.
The coming months are expected to be critical, when the outcomes of these negotiations could redefine India’s role in the global trade architecture and shape its economic trajectory for the next decade. (ANI)
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