Early conclusion to a 'mutually beneficial' India-EU FTA likely: Piyush Goyal

Union commerce minister Piyush Goyal has shared that negotiations on a ‘mutually beneficial’ free trade agreement with the European Union are underway. The minister revealed in a late Thursday post that a deal is likely to be finalised soon between the two partners.

“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.

Goyal hosted the EU delegation headed by EU commissioner for trade and economic security Maroš Šefčovič, and EU commissioner for agriculture and food Christophe Hansen yesterday for dinner. The deliberation on India-EU FTA has been going on since 2021-22, after a long pause of eight years.

“Delighted to host my friend @MarosSefcovic, EU Commissioner for Trade and Economic Security, and @CHansenEU, Commissioner for Agriculture and Food, along with the EU delegation for dinner,” Goyal wrote in a post on X.

These remarks came just a day after Prime Minister Narendra Modi shared that he had discussed the EU-FTA with his Italian counterpart, Giorgia Meloni, seeking her support for the proposed agreement.

India and the European Union are aiming to finalise the proposed FTA by the end of this year as the 13th round of negotiations are going on in New Delhi this week.

At a time when the U.S. president Donald Trump and his administration have publicly urged the EU to take joint action by imposing sanctions on Russia and secondary tariffs on countries purchasing Russian oil, including India and China, these discussions become particularly crucial. The EU especially is walking a tightrope at this time, balancing the ongoing FTA negotiations with India alongside the tariff decisions expected by the U.S.

Sefcovic and Goyal are expected to be present at the 65th annual Automotive Component Manufacturers Association of India (ACMA) conference today in New Delhi.