Commerce and Industry Minister Piyush Goyal has met European Commissioner for Trade Maros Sefcovic in Brussels, their second assembly inside a month, to debate the proposed free commerce settlement (FTA), presently beneath negotiation between the 2 areas.
Mr. Goyal travelled to Brussels on May 23 from Washington, whereas India’s chief negotiator L Satya Srinivas and his staff are already on the EU headquarters for the FTA negotiations.
Mr. Goyal held conferences along with his EU counterpart earlier this month.
“Delighted to welcome my friend and counterpart @PiyushGoyal. We continue to make progress. Let’s maintain the momentum – with hard work, clear focus – and I look forward to our next meeting soon,” Mr. Sefcovic mentioned in a publish on X.
In response, Mr. Goyal, in a publish on the social media platform, mentioned, “We remain committed to the shared prosperity of India and the EU. Let us keep this pace going!”.
These deliberations assume significance as India and the 27-nation European Union are taking a look at concluding the talks for an early harvest commerce settlement by July.
The early harvest or an interim commerce settlement might embrace points like mental property rights (IPRs), authorities procurement, tariffs, and non-tariff limitations.
Officials of each side just lately concluded the eleventh spherical of talks on May 16 right here in the nationwide capital.
“We are looking for an early harvest. We are trying to do it as early as possible,” an official has mentioned just lately.
The two sides have agreed to conclude the settlement in two phases on account of the unsure world commerce surroundings, notably because of the US tariff actions beneath President Donald Trump.
India has adopted the follow of negotiating commerce pacts in two phases with Australia. The early harvest pact would result in a full-fledged free commerce settlement.
Besides demanding vital obligation cuts in cars and medical units, the EU desires tax discount in merchandise like wines, spirits, meat, poultry and a sturdy mental property regime.
Indian items exports to the EU, comparable to ready-made clothes, prescription drugs, metal, petroleum merchandise, and electrical equipment, can change into extra aggressive if the pact is concluded efficiently.
In June 2022, India and the 27-nation EU bloc resumed negotiations for a complete free commerce settlement, an funding safety settlement and a pact on geographical indications (GIs) after a hole of over eight years.
The negotiations stalled in 2013 because of variations over the extent of opening up of the markets.
On February 28, Prime Minister Narendra Modi and the European Commission President agreed to seal a much-awaited free commerce deal by the tip of this yr.
The India-EU commerce pact negotiations cowl 23 coverage areas or chapters, together with Trade in Goods, Trade in Services, Investment, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defence, Government Procurement, Dispute Settlement, Intellectual Property Rights, Geographical Indications, and Sustainable Development.
India’s bilateral commerce in items with the EU was USD 137.41 billion in 2023-24 (exports value USD 75.92 billion and imports value USD 61.48 billion), making it the most important buying and selling accomplice for items.
The EU market accounts for about 17 per cent of India’s complete exports, whereas the EU’s exports to India make up 9 per cent of its complete abroad shipments.
In addition, the bilateral commerce in companies, in 2023, between India and the EU was estimated at USD 51.45 billion.
Published – May 24, 2025 11:05 pm IST
