New Delhi: Commerce and Industry Minister Piyush Goyal will visit Brussels October 27 for talks with his EU counterpart to give political impetus to the proposed trade pact, as the deadline to conclude negotiations nears.
During the two-day visit, Goyal will meet Executive Vice-President and European Commissioner for Trade of the European Union Maros Sefcovic, the commerce ministry said Sunday.
“The visit comes at a crucial stage in the ongoing India-EU Free Trade Agreement (FTA) negotiations, as both sides intensify efforts to conclude a comprehensive, balanced, and mutually beneficial trade agreement at the earliest,” it said.
The minister’s visit aims to provide strategic direction and “political impetus” to the talks, it added.
Discussions are expected to cover key areas of the proposed FTA, including market access, non-tariff measures, and regulatory cooperation.
“The visit will also serve to review progress achieved so far and to identify areas requiring further convergence,” the ministry said.
The EU team is also expected to visit the national capital this week for trade talks.
Differences that still need to be ironed out in certain areas such as steel, automobiles and non-tariff barriers.
Goyal’s visit follows the conclusion of the 14th round of talks between the two sides from October 6-10.
Commerce Secretary Rajesh Agrawal has also held talks with European Commission (EC) Director General for Trade (DG-Trade) Sabine Weyand in Brussels.
Engagements between the two sides have increased as they have decided to conclude negotiations by December.
In June 2022, India and the EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after a gap of over eight years. It was stalled in 2013 due to differences on the level of opening up markets.
India’s bilateral trade in goods with the EU was USD 136.53 billion in 2024-25 (exports worth USD 75.85 billion and imports worth USD 60.68 billion), making it the largest trading partner for goods.
The EU market accounts for about 17 per cent of India’s total exports, and the bloc’s exports to India constitute 9 per cent of its total overseas shipments.
Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in other products like wine, spirits, meat, poultry, and a strong intellectual property regime.
Indian goods’ exports to the EU, such as readymade garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through.
The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, services, investment, trade remedies, rules of origin, customs and trade facilitation, competition, government procurement, dispute settlement, intellectual property rights, geographical indications, and sustainable development.
PTI
