Piyush Goyal meets EU officials: 'Remain committed to achieving balanced, mutually beneficial FTA'

Union Commerce Minister Piyush Goyal on Friday met the European Commission officials — EU Commissioner for Agriculture and Food Christophe Hansen and EU Commissioner for Trade and Economic Security Maros Sefcovic — along with the EU delegation for a working lunch.

Sharing pictures from the working lunch, Goyal wrote on X (formerly Twitter): "We remain committed to achieving a balanced and mutually beneficial FTA, opening new avenues for businesses and maximising opportunities for the shared growth of India and the EU."

The officials visited India to help bridge the remaining gaps. India and the EU are accelerating efforts to conclude a comprehensive free trade agreement, with two crucial negotiation rounds slated in the coming month. Both sides have finalised 11 chapters, including customs, trade facilitation, digital trade, and capital movements, but significant differences remain on rules of origin, market access, and tariffs on products like wine and dairy.

The EU is India's largest trading partner, with bilateral goods trade reaching $135 billion in 2023-24. The 13th round of FTA talks will take place this week in New Delhi, followed by another round in Brussels.

While some chapters are settled, hurdles such as non-tariff barriers persist, though both parties are striving for what has been described as the "right equilibrium".

Leaders from both sides recently reaffirmed their commitment to finalising the deal. In a phone conversation, Prime Minister Narendra Modi and EU leaders Antonio Costa and Ursula von der Leyen highlighted the partnership's role in global stability and a rules-based order. The new strategic vision document, expected to guide the next phase of relations, is set to be adopted at the upcoming summit.

Beyond the FTA, India and the EU are working to enhance defence cooperation, including a security of information agreement and plans to jointly develop military equipment. High-level diplomatic engagement will continue, with a series of meetings in both India and Europe over the next three months.

The EU-India Trade and Technology Council (TTC), launched in 2022, serves as a platform for exchange on critical technologies such as artificial intelligence, quantum computing, semiconductors, and cybersecurity. The TTC is only the second such partnership for the EU, after the United States. The next TTC meeting is anticipated for November, alongside additional security and foreign policy dialogues in Delhi.

India and the EU relaunched FTA negotiations in June 2022 after an eight-year pause, aiming for a mutually beneficial agreement by year-end. The two sides are also emphasising broader initiatives, such as the India-Middle East-Europe Economic Corridor (IMEEC), announced at the G20 Summit in 2023, which seeks to enhance connectivity across Asia, the Middle East, and Europe.

Moreover, Prime Minister Modi recently spoke with Italian Prime Minister Giorgia Meloni to discuss the FTA and regional issues, including the conflict in Ukraine.

Modi said on X, "Had an excellent conversation with Prime Minister Giorgia Meloni. We reaffirmed our joint commitment to deepen India-Italy Strategic Partnership, and shared interest in bringing an early end to the conflict in Ukraine."

He further thanked Italy for its support, stating, "Thanked PM Meloni for Italy's proactive support for concluding a mutually beneficial India-EU trade agreement and promoting connectivity through the IMEEC initiative."