India-EU Forge Ahead with Ambitious Free Trade Agreement Talks

India and the EU reaffirmed dedication to their proposed Free Trade Agreement in upcoming negotiations in New Delhi. Both parties emphasized the importance of addressing non-tariff barriers and maintaining momentum in the trade talks set to conclude by 2025, enhancing market access and cooperation.

India and the European Union have reiterated their strong commitment to resolving outstanding issues in their proposed Free Trade Agreement (FTA) during the next round of negotiations scheduled in New Delhi from May 12-16. This was confirmed in an official statement on Friday.

Union Minister of Commerce and Industry, Piyush Goyal, and Maros Sefcovic, the European Commissioner for Trade and Economic Security, recently met in Brussels to discuss the progress of the talks. They emphasized the importance of tackling both tariff and non-tariff barriers to ensure meaningful advancements, while maintaining regular monthly engagements.

The FTA aims to boost market access, encourage regulatory cooperation, and enhance innovation and competitiveness across Indian and European businesses, with ambitions to finalize the agreement by the end of 2025. Economic figures highlight the trade significance, with bilateral trade totaling USD 137.41 billion in 2023-24.

(With inputs from agencies.)