India-EU Trade Breakthrough: Goyal's Brussels Push Amid Final FTA Talks

In a post on X, Goyal stated that he had a "productive engagement focused on the positive resolution of the outstanding issues" with Maros Sefcovic, the EU Commissioner for Trade and Economic Security. "The shared commitment on both sides towards redefining the relationship is deeply encouraging," he wrote.

https://x.com/PiyushGoyal/status/1981023506830954589

The EU Trade Commissioner also expressed optimism after the meeting, saying both sides are determined to "keep making progress and elevate the EU-India trade and investment relationship to a new level."

On the sidelines of the UNCTAD16 conference, Goyal also met Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition at the European Commission. The discussions focused on advancing cooperation in areas related to sustainable growth and green transitions.

According to Commerce Secretary Rajesh Agrawal, trade negotiations between India and the European Union are now in their final stages and could be concluded by December this year. "Trade talks are progressing very well. Chances are it may be concluded by December. We are at the last leg of negotiations," he said earlier this month.

The 14th round of talks, held in Brussels from October 6 to 10, covered 12 policy areas and 91 technical sessions. Discussions included key issues such as market access for goods and services, Rules of Origin, Sanitary and Phytosanitary (SPS) measures, and Technical Barriers to Trade (TBT).

Agrawal said officials from the Indian team have stayed back in Brussels to continue negotiations on Rules of Origin -- a crucial component that defines how much local content must be used in a product to qualify for tariff benefits under the FTA.

Goyal had earlier described the FTA as a partnership between "the $20 trillion European Union of 27 countries and India, the fastest-growing large economy in the world." He said both sides have had "very good discussions" and are focused on ensuring a balanced and mutually beneficial agreement.

The India-EU Free Trade Agreement, once finalised, is expected to significantly boost trade and investment flows between New Delhi and Brussels. The pact also aims to deepen cooperation in technology, sustainability, and supply chain resilience.

With the FTA negotiations advancing and bilateral discussions continuing at multiple levels, India's trade engagement with global partners is expected to gain momentum in the coming months.

- ANI