New Delhi, May 11 (IANS) India and the European Union (EU) will kick off the next round of talks on the proposed free trade agreement (FTA) here on Monday as the two sides are moving ahead for an early conclusion of the first phase of the pact, a senior official has confirmed.
The Commerce Secretary has held a review meeting with senior officials in the run-up to the talks which will last till May 16.
The EU wants India to lower tariffs on cars, wine and whiskey as well as some agricultural products. India, on the other hand, wants greater market access and lower tariffs for key exports, including pharmaceuticals, textiles and apparel.
The EU is of one of India’s largest trading partner, accounting for 124 billion euros of trade in goods in 2023, or 12.2 per cent of total Indian trade.
Trade in services between the EU and India reached nearly 60 billion euros in 2023, almost double the level in 2020. A third of that were digital services, according to figures compiled by the World Economic Forum.
Trade between India and the EU has grown by around 90 per cent in the past decade, but talks over a free trade pact have stalled over the years due to sharp differences between India and the 27-nation bloc on agriculture, automobiles and pharmaceuticals.
India’s Commerce & Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic met in Brussels on May 1 to reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025.
Both sides reiterated their aim to address pending issues in a spirit of mutual respect and pragmatism, including at the next round scheduled to be held from 12-16 May 2025 in New Delhi, according to an official statement issued after the meeting.
This commitment builds on the strategic direction given by Prime Minister, Narendra Modi and President of the European Commission, Ursula von der Leyen during the landmark visit of the EU College of Commissioners to New Delhi in February 2025, the statement said.
“In my highly productive dialogue with EU Commissioner for Trade and Economic Security Maros Sefcovic today, we reaffirmed our shared commitment to concluding the India–EU Free Trade Agreement negotiations by the end of 2025,” the Indian Minister said.
“As we advance in our negotiations, our focus is on enhancing market access for businesses, promoting trusted and diversified supply chains, and deepening our partnership to drive the growth of our economies,” Goyal said.
“We also discussed boosting innovation and competitiveness, and the critical role of investments and mobility in shaping a future-ready agreement,” he said.
Both India and EU, under the leadership of Prime Minister Narendra Modi and EU President Von der Leyen, remain committed to working towards a mutually beneficial and strategic agreement for shared prosperity and sustainable development of our regions, Goyal added.
The high-level engagement underscores the strategic importance both partners attach to building a commercially meaningful, mutually beneficial, balanced, and a fair trade partnership that supports economic resilience and inclusive growth, the official statement said.
–IANS
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