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Key Points

Union Commerce Minister Piyush Goyal is actively pushing forward India's trade negotiations with the European Union, particularly through strategic discussions with Italian officials. The bilateral talks emphasize expanding cooperation in key sectors like manufacturing, technology, and space exploration. Both nations are committed to finalizing the India-EU Free Trade Agreement by year-end, with the India-Middle East-Europe Economic Corridor (IMEC) serving as a potential game-changer. These diplomatic efforts signal India's growing global economic engagement and commitment to strategic international partnerships.

Key Points: Piyush Goyal Speeds India-EU Trade Talks with Italy Ties

  • India and Italy aim to accelerate free trade agreement
  • Exploring collaboration in manufacturing and technology sectors
  • IMEC Corridor offers transformative economic potential
  • Bilateral talks focus on strategic economic cooperation
2 min read

Committed to speed up India-EU FTA, seek stronger trade ties with Italy: Piyush Goyal

Union Minister Piyush Goyal advances India-EU free trade agreement, explores strategic partnerships with Italy across multiple sectors

"Our focus is on realising the Italy-India Joint Strategic Action Plan 2025-2029 - Piyush Goyal"

New Delhi, June 5

Union Commerce and Industry Minister Piyush Goyal on Thursday reiterated India’s shared commitment to speed up the India-EU free trade agreement (FTA).

Addressing the Italy-India Business Forum during his official visit to Italy, the minister said has had three meetings, in less than 35 days, with “my friend Maros Sefcovic, EU Commissioner for Trade and Economic Security".

“This shows our shared commitment to speeding up the India-EU FTA,” he told the gathering.

Prime Minister Narendra Modi and President of the European Commission, Ursula von der Leyen, have agreed to expedite the conclusion of the India-EU FTA by the end of the year.

Goyal said he was delighted to speak at the Italy-India Business Forum with Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Antonio Tajani.

“Our focus is on realising the Italy-India Joint Strategic Action Plan 2025-2029. Underscored the transformative potential of the IMEC Corridor and India-EU FTA. Also, extended an invitation to Italian enterprises to join India's growth story,” Goyal said in a post on X.

They discussed and agreed to work together for ‘Industry 4.0’ for smart manufacturing, promoting a bridge between startups, expanding collaborations in technology and establishing Joint Working Groups in the Space, Automobile sectors, among others.

“At the Joint Commission on Economic Cooperation, India and Italy have identified several areas to strengthen cooperation. This includes an MoU on agriculture,” said Goyal.

India and Italy reaffirmed their commitment to deepening economic ties, with a strong focus on enhancing trade, joint ventures and connectivity through the India-Middle East-Europe Economic Corridor (IMEEC).

In a joint press conference, Tajani said there is “huge scope” for boosting India–EU trade through the potential offered by IMEEC.

Tajani called for stronger collaborations in sectors such as space, technology, steel and aluminium.

—IANS

- IANS

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Reader Comments

R
Rajesh K.
This is a great step forward! India-EU FTA will open so many opportunities for our MSME sector. Hope they ensure fair terms for Indian farmers and small businesses too 🇮🇳🤝🇪🇺
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Priya M.
While FTAs are important, I hope our negotiators don't compromise on data privacy laws and local manufacturing incentives. Europe has strict regulations that might not align with our growth needs.
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Amit S.
IMEC corridor + FTA = game changer! This will reduce China's dominance in trade routes. But implementation is key - hope we see concrete progress before 2024 elections.
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Sunita R.
Good to see focus on technology and startups. Italy has amazing design capabilities while India leads in IT - perfect combo for 'Make in India' products with global appeal! ✨
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Vikram J.
Hope this doesn't become another Jaitapur nuclear deal situation where talks go on for years without results. EU moves slowly, we need to maintain our momentum.
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Neha P.
As someone working in auto sector, excited about potential collaborations! Italian design + Indian engineering could create world-class electric vehicles. Fiat-JLR-Tata partnerships show the way.
K
Karan D.
While trade is important, let's not forget cultural exchange. Italy and India both have rich histories - more student exchanges, tourism promotions would strengthen people-to-people ties too.

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