India-EU Free Trade Agreement: Piyush Goyal Welcomes European Commissioners
India and the European Union (EU) are making strides towards finalizing their long-awaited Free Trade Agreement (FTA), with both parties emphasizing the importance of a balanced and mutually beneficial deal. Union Commerce and Industry Minister Piyush Goyal recently hosted European trade commissioners during their visit to India, where discussions focused on enhancing bilateral business relations. With nearly 60% of the negotiation chapters completed, optimism surrounds the potential for significant progress in the ongoing talks.
Commitment to Finalize the FTA
During a recent meeting in New Delhi, Piyush Goyal welcomed European trade commissioner Maros Sefcovic and commissioner for agriculture and food Christophe Hansen. The discussions aimed to advance the 13th round of FTA negotiations, which have been ongoing for several years. Goyal expressed confidence in the negotiations, stating that a balanced FTA would unlock new opportunities for businesses and people on both sides. The EU delegation’s visit is seen as a crucial step in powering up India-EU business ties and connecting with key stakeholders.
The EU Embassy in India confirmed the purpose of the visit, highlighting the importance of these discussions in strengthening economic relations. Goyal’s remarks on social media emphasized the shared commitment to concluding the FTA as soon as possible, reflecting the urgency both sides feel in finalizing the agreement.
Progress in Negotiations
Recent updates indicate that significant progress has been made in the FTA negotiations, with Goyal noting that nearly 60% of the chapters under discussion have been completed. He mentioned that chief negotiators are actively working to converge on various aspects of the agreement. This progress has been welcomed by European leaders, including German foreign minister Johann Wadephul, who assured Indian External Affairs Minister S. Jaishankar of Germany’s support in expediting the agreement’s conclusion.
Wadephul emphasized Germany’s commitment to free trade and expressed hope for a successful outcome in the negotiations with India. The backing from European leaders underscores the importance of the FTA for both regions, as they seek to enhance trade relations and economic cooperation.
Support from Italy and Other Nations
Prime Minister Narendra Modi has also highlighted the support from Italy regarding the FTA. In a recent conversation with Italian Prime Minister Giorgia Meloni, Modi expressed gratitude for Italy’s proactive stance in favor of concluding a mutually beneficial trade agreement. This endorsement from Italy adds to the momentum of the negotiations and reflects the broader European interest in strengthening ties with India.
As India continues to engage with various nations on trade agreements, the FTA with the EU remains a priority. The country has successfully sealed several trade pacts in recent years, including agreements with Mauritius, the UAE, and Australia. The ongoing negotiations with the EU are part of India’s broader strategy to enhance its global trade footprint.
Addressing Non-Tariff Barriers
While progress is being made, India has emphasized the need to address non-tariff barriers alongside tariff-related issues to ensure meaningful advancements in the FTA discussions. The Indian government is advocating for regulatory frameworks that are inclusive and proportionate, which is essential for fostering a conducive trade environment.
India’s proactive approach in negotiating trade agreements with various countries, including Australia, Sri Lanka, and the United States, demonstrates its commitment to expanding its economic partnerships. As the FTA negotiations with the EU continue, both sides remain hopeful that a comprehensive agreement will soon be reached, paving the way for enhanced trade and investment opportunities.
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