New Delhi [India], September 2 (ANI): Union Commerce and Industry Minister Piyush Goyal on Tuesday said that Free Trade Agreement (FTA) negotiations between India and the European Union are in an advanced stage, as the two sides are making significant progress.
Speaking to the reporters in the national capital, Goyal said, “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.”
The FTA negotiations between the two sides are expected to conclude in 2025. India last month said the two sides engaged in a forward-looking and substantive dialogue to address global trade challenges and reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025.
The India-EU FTA negotiations represent a significant step in strengthening economic ties between India and one of the world’s largest trading blocs. The agreement aims to reduce trade barriers, enhance market access, and create new opportunities for businesses on both sides.
India’s bilateral trade in goods with the EU was USD 137.41 billion in 2023-24, making it the largest trading partner of India for goods. In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at USD 51.45 billion.
Speaking at the 20th Global Sustainability Summit, he said that India is in a dialogue with the US for a bilateral trade agreement.
Talking about the FTA with India and the Eurasian Economic Union (EAEU), the Minister said that the concerned parties will start negotiating over it, as the Terms of Reference (ToR) have been finalised.
“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,” he said.
India and the Eurasian Economic Union (EAEU,) comprising Armenia, Belarus, Kazakhstan, the Kyrgyz Republic and the Russian Federation, signed the Terms of Reference (ToR) to launch negotiations on a Free Trade Agreement (FTA) on August 20 in Moscow.
During the meeting in Moscow, both sides noted the growing trade turnover between India and the EAEU, which stood at USD 69 billion in 2024, registering a 7 per cent increase over 2023. (ANI)
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