Union Commerce Minister Piyush Goyal has announced that substantial progress has been made in the ongoing discussions between India and the European Union (EU) regarding a Free Trade Agreement (FTA). During his recent visit to three nations, including Brussels for FTA talks, Geneva for a UNCTAD session, and Berlin for engagements with business leaders and think tanks, Goyal met with EU Commissioner Maros Sefcovic.
Goyal revealed that 10 out of the 20 chapters in the proposed agreement have been finalized, with an additional four to five chapters being provisionally agreed upon. He expressed confidence that significant progress towards concluding the agreement will be made when the EU team visits, likely by the end of November or December.
Emphasizing the aim of establishing a fair and beneficial trade agreement for both Indian and EU businesses and consumers, Goyal highlighted the growing global interest in India’s thriving economy, as evidenced by his interactions at the Berlin Global Dialogue and with European business communities. He noted that many countries are seeking to strengthen ties with India due to its expanding consumer demand, robust economic growth, and commitment to sustainable development.
In line with Goyal’s statements, Maros Sefcovic commended the constructive discussions between the two parties, stating that significant progress had been achieved in various areas, particularly in trade and investment facilitation. The anticipated India-EU FTA is poised to enhance economic relations between the two major markets, paving the way for increased trade, investment, and sustainable development opportunities.