India and EU Negotiations: The Road to a Historic Free Trade Agreement

India and the European Union are revitalizing their commitment to finalize a proposed Free Trade Agreement. High-level talks are underway in Brussels as both parties aim to resolve longstanding differences. The agreement covers a wide range of areas and could significantly enhance bilateral trade.

India and the European Union have intensified their efforts to secure a comprehensive Free Trade Agreement (FTA). High-stakes discussions unfolded in Brussels between India's Commerce and Industry Minister Piyush Goyal and EU Commissioner for Trade and Economic Security Maros Sefcovic.

Minister Goyal highlighted the shared resolve to expedite the India-EU FTA negotiations, seeking a swift, balanced, and mutually advantageous resolution. The negotiations, which resumed in June 2022 after an eight-year hiatus, cover 23 strategic areas including goods and services trade, investment, and intellectual property rights.

The EU aims for substantial duty cuts in various sectors, whereas India anticipates heightened competitiveness for its exports to the EU market. The deadline for concluding these negotiations is December, marking a crucial timeline in enhancing bilateral trade, which currently stands at USD 136.53 billion annually.

(With inputs from agencies.)