Key Points

The merchandise exports to the European Union have shown an upward trend over the last five years, increasing from $41.36 billion in FY 2020-21 to $75.76 billion in FY 2024-25, Minister of State for Commerce and Industry, Jitin Prasada, told the Rajya Sabha in a written reply to a question.

India and the EU are aiming to reach an agreement on a free trade deal by the end of 2025.

Similarly, the merchandise export to the US has also shown an upward trend over the last five years, increasing from $51.6 billion in FY 2020-21 to $86.5 billion in FY 2024-25, informed the minister.

India has signed a Comprehensive Economic and Trade Agreement (CEPA) with the UK, after successful conclusion of negotiations.

The coming months will be crucial for India's global trade relations, as the government intensifies negotiations with major partners such as the EU and the ASEAN bloc.

On the India-EU trade talks, both sides have exchanged their market access offers for goods and services. Some parts of the deal, known as 'chapters,' have been finalised, while discussions continue on the issues where both sides differ. The next round of talks is expected to take place in India in the first week of September, according to the government.

Both sides have also agreed to first conclude an interim version to fast-track the process.

Commerce and Industry Minister Piyush Goyal said last month that the proposed comprehensive and meaningful India-EU FTA underscores the collective commitment to forging stronger economic ties and a future of inclusive growth.

Addressing the India-Sweden High-Level Trade and Investment Policy Forum in his Stockholm visit, in the presence of the Confederation of Swedish Enterprises and leading Swedish and Indian businesses, the minister discussed the immense potential for collaboration between the two sides.

- IANS