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India’s Commerce and Industry Minister, Piyush Goyal, met European Union (EU) officials on Saturday for the 13th round of talks and reaffirmed that the two sides are committed to working for a “balanced and mutually-beneficial trade agreement” soon. 

EU’s Trade Commissioner, Maros Sefcovic, and the European Agriculture Commissioner, Christophe Hansen, were in New Delhi to give a push to the ongoing negotiations between India and the EU bloc for the free trade agreement.

"It was a pleasure hosting you for the 13th Round of India-EU FTA negotiations. We remain committed to working towards a balanced and mutually beneficial FTA soon, to unlock massive opportunities on both sides. Thank you for your visit. Looking forward to our continued dialogue," Goyal said in a post on X.

 

 

https://twitter.com/PiyushGoyal/status/1966783133459824712?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

 

A top European Union official had also confirmed on Tuesday that the trade talks between India and the EU had reached a crucial phase and that negotiators are working to meet the year-end deadline to sign the trade agreement between the two sides.

"We are now maximising our efforts to finalise negotiations by the end of the year to unlock investment, reduce barriers, expand market access, and enhance supply chains, to the benefit of both sides,” Sefcovic had said at an event.
The EU is India’s biggest trading partner in goods, with bilateral trade hitting USD 137.5 billion in the 2023-24 fiscal year, up nearly 90 per cent over the past decade.

 

Also Read: India in ‘active dialogue’ with the US for FTA: Piyush Goyal

Although the deal between India and the EU had delayed for many years following the former’s reluctance to lower tariffs in some sectors, negotiations restarted in 2022 and have since gained pace. 

With US President Donald Trump imposing tariffs on most countries of the world, Brussels has sealed deals with Mexico and the South American Mercosur countries while stepping-up talks with India, Indonesia, and the United Arab Emirates.

The EU wants India to lower tariffs of more than 100 per cent on imported cars, whiskey and wine, while India presses for greater access for its textiles, pharmaceuticals, steel and petroleum products.