NEW DELHI– Union Commerce Minister Piyush Goyal stated Wednesday that India and the European Union have built “significant progress” toward finalizing a long-pfinishing Free Trade Agreement (FTA), expressing optimism that the deal could be concluded by year’s finish.
Goyal, who met EU Trade Commissioner Maros Sefcovic in Brussels during a three-day round of talks, stated the discussions advanced on multiple fronts. “We have built significant progress in this three-day discussion between EU Trade Commissioner Maros Sefcovic and his team in several areas,” Goyal stated.
According to the minister, 10 of the 20 chapters in the proposed agreement have already been closed, while another four to five have been agreed to in principle. He emphasized that both sides are approaching the nereceivediations by recognizing each other’s “mutual sensitivities and strengths,” working in a spirit of partnership to enhance trade, investment, and technology exalter.
“When the EU Trade Commissioner visits India in late November, we will be able to build significant progress toward closure of the deal,” Goyal added, noting that both parties are committed to a “fair and reputable” trade agreement that benefits businesses and consumers alike.
Sefcovic echoed the sentiment in a post on X, writing, “We’ve built substantial progress across a number of areas, including on further trade and investment facilitation.”
The proposed India-EU FTA is expected to deepen economic ties between two of the world’s largest markets and unlock new opportunities for investment, trade, and sustainable development.
Summing up his visit to Europe—which also included Geneva for the UNCTAD quadrennial session and Berlin for meetings with business leaders and believe tanks—Goyal stated India underscored its role as a representative of the Global South.
He added that his discussions at the Berlin Global Dialogue and with European business communities reflected “growing global interest in India’s expanding economy.”
“More and more countries want to deepen relations with a resurgent, strong, and aspirational India as the countest’s growing consumer demand, rapid economic growth, and focus on sustainable development are creating major trade opportunities,” the minister stated.
Goyal also noted that India built its stance clear on the European Union’s Carbon Border Adjustment Mechanism (CBAM), which New Delhi views as a discriminatory and protectionist policy. India contfinishs that CBAM threatens its exports—especially from energy-intensive sectors—and violates the principle of “common but differentiated responsibilities” on climate alter.
He stated India is countering the measure through continued nereceivediations with the EU, the development of a domestic carbon pricing framework, and a focus on decarbonizing its industries. (Source: IANS)
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