Key Points

Goyal said, "We remain committed to achieving a balanced and mutually beneficial FTA, opening new avenues for businesses and maximising opportunities for the shared growth of India and the EU."

“As the India-EU FTA negotiations continue, we reiterated our shared commitment towards its early conclusion. A balanced and mutually beneficial FTA will unlock new opportunities for people & businesses on both sides," Goyal said in a post on X, marking the 13th round of India-EU FTA negotiations.

"Both India and the EU are set to benefit immensely from the Free Trade Agreement we are striving to achieve," he added.

During the recent meetings, India has emphasised that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions. It also stated that regulatory frameworks must be inclusive, proportionate, and avoid restricting trade.

The two sides have finalised 11 chapters, including customs, trade facilitation, digital trade, and capital movements, but significant differences remain on rules of origin, market access, and tariffs on products like wine and dairy.

The EU is India's largest trading partner, with bilateral goods trade reaching $135 billion in 2023-24. The 13th round of FTA talks will take place this week in New Delhi, followed by another round in Brussels.

Speaking at the Automotive Component Manufacturers Association of India (ACMA) event, Goyal expressed confidence in the proposed FTA being beneficial for the auto industry.

"I am confident that the auto industry will find arrangements we will come up with very attractive, exciting and holding good for each of your businesses to grow, collaborate with partners from Europe and other parts of the world, encourage innovation and research and develop in India," the minister said.

Meanwhile, Foreign Secretary Vikram Misri also met the European Union Political and Security Committee (PSC) delegation, led by Chair Delphine Pronk, on Friday.

In a post on X, MEA Spokesperson Randhir Jaiswal said, "Foreign Secretary Vikram Misri met today with the EU Political and Security Committee (PSC) delegation, led by Chair Ms. Delphine Pronk, which paid its first-ever visit to Asia. Discussions focused on deepening security and defence cooperation under the India-EU Strategic Partnership and exchange of views on latest regional and international developments."

- IANS