New Delhi, May 24
Union Minister of Commerce & Industry Piyush Goyal met European Commissioner for Trade Maros Sefcovic to discuss the Free Trade Agreement (FTA) between India and the European Union (EU).
EU official Maros Sefcovic expressed his delight in welcoming his counterpart, Union Minister Piyush Goyal, via social media platform 'X'. He emphasized the progress made in EU-India trade talks and urged maintaining momentum with hard work and clear focus, looking forward to their next meeting soon. In response, Piyush Goyal thanked Maros for the warm welcome and reaffirmed India's commitment to shared prosperity with the EU, encouraging continued pace in negotiations.
According to the European Union, the trade talks between the EU and India are gaining momentum, with both sides aiming to conclude a deal by the end of 2025. Indian External Affairs Minister S Jaishankar sought support from the Netherlands to accelerate negotiations on the India-EU Free Trade Agreement (FTA), which India hopes to finalize by the same deadline.
In their last meeting, India and the EU reaffirmed their commitment to resolve pending issues related to the ambitious proposed FTA. India highlighted the importance of addressing non-tariff barriers (NTBs) alongside tariff negotiations to ensure meaningful progress.
Additionally, the EU and India launched two research and innovation initiatives under the EU-India Trade and Technology Council (TTC), investing a total of 41 million Euros (Rs 394 crore). These initiatives aim to develop collaborative solutions for environmental challenges and promote advanced technological developments.
Last month, Herve Delphin, the ambassador of the European Union to India and Bhutan, expressed confidence in the strategic role of India and the EU in the current geopolitical landscape. He highlighted their potential to "draw the bridge" with the Global South and meet regional expectations.
— ANI
Reader Comments
This FTA is long overdue! India needs to tap into EU's massive consumer market. Hope our negotiators ensure fair terms for Indian farmers and MSMEs. 🇮🇳ðŸ¤ðŸ‡ªðŸ‡º
Good to see progress, but I hope we don't compromise on data privacy and digital sovereignty. EU standards are high - can our industries match up without protection? 🤔
The 41 million Euro research initiative is promising! India-EU tech collaboration can be game-changing. Just hope the benefits reach our startups and not just big corporations.
Finally some positive news! After all the China focus, it's good to see India strengthening ties with democratic partners. EU market access could create lakhs of jobs here.
Non-tariff barriers are the real hurdle. EU's strict regulations on agriculture and pharma could hurt our exports. Hope Goyal ji takes a firm stand on these issues.
The environmental collaboration part is most exciting! Climate change affects us all. India and EU together can develop affordable green tech for developing nations. 🌱
While FTAs are important, our government must ensure domestic industries are prepared. More skilling programs needed to meet EU quality standards across sectors.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.