India’s Commerce and Industry Minister, Piyush Goyal, said he held a meeting with the European Union’s (EU) Trade Commissioner, Maros Sefcovic, in Geneva on Wednesday, ahead of their meeting in Brussels next week to iron out differences regarding the proposed free trade agreement (FTA) between the two sides.
Calling the meeting “productive”, Goyal said it was important since it gave an impetus to the ongoing negotiations for the proposed FTA, for which he flies to Brussels next week for the official 15th round of talks between India and the EU.
“Had a productive engagement focused on the positive resolution of the outstanding issues with respect to the India-EU FTA with Mr @MarosSefcovic, EU Commissioner for Trade and Economic Security, ahead of my Brussels visit starting next week,” Goyal said in a post on X.
The Union Minister’s visit follows the conclusion of the 14th round of talks between the two sides from October 6 to October 10.
India’s Commerce Secretary, Rajesh Agrawal, has also held talks with the European Commission (EC) Director General for Trade (DG-Trade), Sabine Weyand, in Brussels.
The two sides have stepped-up engagements to fast-track conclusions to the negotiations by December, and have a pact signed before the year ends.
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 had stalled in 2013 due to differences on the level of opening up markets, especially the agriculture sector on India’s part.
EU was India’s largest trading partner for goods in 2024-25, with bilateral trade in goods being at USD 136.53 billion (exports worth USD 75.85 billion and imports worth USD 60.68 billion).
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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. Indian goods’ exports to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through.
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.
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.
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