Union Commerce Minister Piyush Goyal on Thursday said the India-EU free trade agreement (FTA) would be a fair, equitable, and balanced document which would be a “win-win” for all countries involved.
Speaking at the Italy-India Business Forum in the presence of Antonio Tajani, Italy’s visiting Deputy PM and Foreign Minister, Goyal said he is confident that the two sides would be able to overcome hurdles and finalise the FTA soon, although he did not share a specific timeline for the pact to be signed.
“We are confident… there are a few issues which we still get over the line. I do believe we should be able to get this over the finishing line,” he said, adding that teams are “putting in their best efforts to deliver a good agreement”, and leaving no stone unturned.
“Given the deepening ties between Rome and New Delhi, India-Italy ties will be a defining relationship of the 21st century,” he said.
Also Read: India, EU agree to conclude FTA by early 2026
Both Goyal and Tajani stressed on the need for cooperation between democracies for a smooth supply of raw materials in the global market, with Tajani specifically denouncing any one country playing “kingmaker” in deciding the prices of raw materials that are critical for production.
The Italian Deputy PM also said there is a need for a “political agreement” between Italy, Europe, India, Japan and the USA on this aspect.
Meanwhile, the commerce minister said the FTA will allow countries like Italy to export their wines and automobiles to India, which, in turn, will be able to export whiskies, textiles and auto components to the 27-country bloc.
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