India-EU Trade Breakthrough: How FTA Deal Could Reshape Global Economy

Secretary (West) at the Ministry of External Affairs (MEA) Sibi George and other officials were also present

"Pleased to meet delegation of European Parliament's Committee on International Trade INTA today in Delhi. Discussed how India and the European Union can maximise convergences and deepen cooperation. This can stabilise the global economy and strengthen democratic forces. The early conclusion of the India-EU FTA can make a big difference to these objectives," EAM Jaishankar posted on X after his meeting with the visiting EU delegation.

Earlier, Union Commerce and Industry Minister Piyush Goyal, who was on a visit to Brussels from October 26-28, held productive and meaningful engagements with Maros Sefcovic, European Commissioner for Trade and Economic Security on outstanding issues related to the ongoing India-EU FTA negotiations.

"Both sides reaffirmed their shared commitment to conclude the India-EU FTA by the end of 2025, following the clear direction from Prime Minister Narendra Modi and President of the European Commission Ursula von der Leyen during the College of Commissioners' visit to New Delhi in February 2025," the official statement said.

The engagement focused on achieving a mutually beneficial, balanced and equitable trade agreement, reflecting the depth of political trust and the strategic ties between India and the European Union, and at the same time respecting each other's sensitivities and priorities.

The statement further said that India recognises the importance of ensuring that the FTA remains balanced in addressing both tariff and non-tariff barriers and creating transparent and predictable regulatory frameworks that accelerate trade for both partners in the coming years.

Last month, Prime Minister Narendra Modi held telephonic conversation with European Council President Antonio Costa and European Commission President Ursula von der Leyen, reaffirming the shared commitment for an early conclusion of the India-EU FTA negotiations and implementation of the India-Middle East-Europe Economic (IMEEC) Corridor. The leaders welcomed progress in bilateral relations in key sectors such as trade, technology, investment, innovation, sustainability, defence, security and supply chain resilience with PM Modi inviting Costa and von der Leyen to visit India for the India-EU Summit.

"As the world's largest democratic forces, India and EU share a strong and close relationship built on trust, shared values, and a common vision for the future. The leaders underlined the role of the India-EU Strategic Partnership in jointly addressing global issues, fostering stability, and promoting a rules-based order for mutual prosperity," read a statement issued by the Prime Minister's Office (PMO) after the phone call.

- IANS