New Delhi: Commerce Minister Piyush Goyal said that India and the European Union (EU) have made "significant progress" in their ongoing talks aimed at signing a Free Trade Agreement (FTA) by the end of this year.
Goyal met EU Commissioner Maros Sefcovic in Brussels for the FTA negotiations during his recent visit to Europe. "We have made significant progress in this three-day discussion between EU Trade Commissioner Maros Sefcovic and his team in several areas," Goyal said.
The minister revealed that 10 out of 20 chapters of the proposed agreement have been closed, while another four to five chapters have been agreed to in principle. The two sides are recognising mutual sensitivities and strengths and working in a spirit of partnership to promote trade, investments and technology flow, he added.
"When the EU Trade Commissioner visits India in late November, we will be able to make significant progress towards closure of the deal," Goyal said.
He highlighted that both sides are working towards a fair and reputable trade agreement, which will benefit businesses and consumers in India and the EU alike.
Echoing Goyal’s remarks, Sefcovic wrote on X: "We've made substantial progress across a number of areas, including on further trade and investment facilitation.” The India-EU FTA, once concluded, is expected to deepen economic ties between the two major markets and open new avenues for trade, investment, and sustainable growth.
Summing up his official visit to Europe, which included Geneva for the UNCTAD four-year session, and Berlin for meetings with business leaders and think tanks. Goyal said that at UNCTAD, India demonstrated that it represents the Global South.
