India and EU review progress in FTA talks as December deadline approaches

India and the European Union on Monday reviewed the ongoing negotiations for a proposed free trade agreement (FTA).

According to a PTI report, citing officials, the discussions took place in Brussels between India’s Commerce and Industry Minister Piyush Goyal and EU Commissioner for Trade and Economic Security Maros Sefcovic, focusing on progress in the FTA talks and future steps to strengthen bilateral trade relations.

Taking to X, Goyal wrote, “Our discussions focused on giving impetus to the India-EU FTA negotiations. We also reiterated our shared commitment to achieving a swift, balanced, and mutually beneficial agreement.”

Goyal is in Brussels for high-level discussions with his EU counterpart as the deadline to conclude the India-EU free trade agreement (FTA) negotiations approaches.

Goyal’s visit comes shortly after the 14th round of talks, held from October 6-10, and included meetings between Commerce Secretary Rajesh Agrawal and European Commission Director General for Trade Sabine Weyand.

Engagements between the two sides have intensified, with both parties aiming to wrap up negotiations by December.

Negotiations for a comprehensive FTA, an investment protection agreement, and a geographical indications pact were resumed in June 2022 after an eight-year hiatus, following a stall in 2013 over disagreements on market access.

India’s bilateral trade in goods with the EU stood at USD 136.53 billion in 2024-25, with exports worth USD 75.85 billion and imports USD 60.68 billion, making the EU India’s largest trading partner for goods.

The EU accounts for about 17% of India’s total exports, while shipments from the bloc constitute 9% of its global exports.

The EU is pushing for substantial duty cuts on automobiles and medical devices, along with tax reductions on products such as wine, spirits, meat, and poultry, and demands a robust intellectual property regime.

For India, exports such as readymade garments, pharmaceuticals, steel, petroleum products, and electrical machinery could become more competitive if the pact is finalised.

The India-EU trade pact negotiations encompass 23 policy areas, including trade in goods and services, investment, trade remedies, rules of origin, customs and trade facilitation, competition, government procurement, dispute settlement, intellectual property rights, geographical indications, and sustainable development.

With inputs from agencies