India-EU trade deal soon? Piyush Goyal meets top officials ahead of key Brussels visit

Union Minister of Commerce and Industry Piyush Goyal.

Union Commerce and Industry Minister Piyush Goyal on Wednesday held meetings with senior European Union officials to discuss pending issues related to the India-EU Free Trade Agreement (FTA), ahead of his visit to Brussels next week. In a post on “The joint commitment of both parties to redefining the relationship is extremely encouraging,” he wrote.

The EU Trade Commissioner also expressed optimism after the meeting, saying both sides were determined to “continue to make progress and elevate the EU-India trade and investment relationship to a new level”. On the sidelines of the UNCTAD16 conference, Goyal also met with Teresa Ribera, European Commission Vice-President for Clean, Fair and Competitive Transition. Discussions focused on advancing cooperation in areas related to sustainable growth and green transitions.

According to Commerce Minister Rajesh Agrawal, trade negotiations between India and the European Union are currently in the final stages and may be completed by December this year. “Trade talks are progressing very well. They could probably be concluded in December. We are in the last leg of the negotiations,” he said earlier this month. The 14th round of negotiations, held in Brussels from 6 to 10 October, covered 12 policy areas and 91 technical sessions. Discussions included important topics 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 are staying in Brussels to continue negotiations on the Rules of Origin, a key component that defines how much local content must be used in a product to qualify for tariff benefits under the FTA. Goyal had previously described the FTA as a partnership between “the 27-nation, $20 trillion European Union and India, the world’s fastest-growing major economy.” He said both sides had “very good talks” and were focused on achieving a balanced and mutually beneficial agreement.

The India-EU Free Trade Agreement, once concluded, is expected to significantly increase trade and investment flows between New Delhi and Brussels. The agreement also aims to deepen cooperation in the areas of technology, sustainability and supply chain resilience. With FTA negotiations progressing and bilateral talks continuing at various levels, India’s trade relations with global partners are expected to gain momentum in the coming months.

(Except for the title, this news has not been edited by the DNA team and is published from ANI news agency).