India-EU FTA Nears Completion by 2025, Union Minister Piyush Goyal Updates on India-US Trade Talks
According to Union Commerce and Industry Minister Piyush Goyal, the Free Trade Agreement (FTA) talks between India and the European Union are at a mature stage, and considerable strides are being made.
He told me that the Commerce Secretary is now having a meeting with the Director-General of the EU in Brussels, and that EU Trade Commissioner Maros Sefcovic will be visiting India on September 12, where further negotiations will take place. These ongoing talks underscore serious intentions on the part of both parties to minimize trade barriers, improve market accessibility, and increase business opportunities. The India-European Union Free Trade Agreement is meant to enhance economic relations and is likely to be completed by the year 2025.
“We have reached a very advanced stage in our FTA with the European Union. The Commerce Secretary, as we speak, is in a meeting in Brussels with his counterpart, the DG of the EU. Their team is coming down later this week and will be in active negotiation with us. Minister trade commissioner Maros Sefcovic (European Commissioner for Trade and Economic Security) is coming down on the 12th of this month and we are making very active and significant progress,” Goyal said in New Delhi.
India has been maintaining a good trade relationship with the European Union, as bilateral trade in goods was USD 137.41 billion in the fiscal year 2023-24. This is a milestone that affirms the EU as the largest goods trading partner of India. Also, bilateral trade in services between India and the EU in 2023 was estimated at USD 51.45 billion, showing that the two countries share strong economic relationships, not only in goods.
Associated with this development is a revelation by Union Commerce Minister Piyush Goyal at the 20th Global Sustainability Summit that India is in talks with the United States to establish a bilateral trade deal. These negotiations mark the current attempt of India to increase its trading relationships within the world community, to promote access to markets and open new opportunities to enterprises. These changes in the trade relations between India and EU as well as India and the US bring out the strategic emphasis of India on the strengthening of the economic relations with its major partners in the world.
UN Minister Goyal also gave updates on India’s FTA with the Eurasian Economic Union (EAEU), which includes Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, and the Russian Federation.
“In terms of the Eurasian FTA, we are finalising the terms of reference. Now we’ll set up the next step and dates and start discussing,” Goyal said.
India and the EAEU signed the Terms of Reference (ToR) to launch negotiations on August 20 in Moscow.
During the Moscow meeting, both sides noted that trade turnover between India and the EAEU stood at USD 69 billion in 2024, a 7% increase over 2023.
(This article has inputs from ANI)
Also Read: Union Minister Piyush Goyal Highlights New India-Africa Partnership In Trade, Technology, And Energy
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