Crucial Talks on India-EU Trade Deal Begin Today
Negotiations on a Free Trade Agreement (FTA) between India and the European Union (EU) have reached a critical stage. Top officials from both sides will commence the 14th round of talks in Brussels on Monday, continuing for five days. Union Commerce Minister Piyush Goyal recently indicated that an FTA agreement could be finalized soon. He is scheduled to meet EU Trade Commissioner Maros Sefcovic in South Africa later this month to review the progress. Both sides are aiming to complete the negotiations by December 2025.
FTA Negotiations Resume After Eight Years
India and the EU resumed FTA negotiations in June 2022, after an eight-year gap. These negotiations cover 23 key areas, including trade in goods and services, investment, technical barriers, customs duties, government procurement, dispute settlement, intellectual property rights, and sustainable development.
Piyush Goyal’s Two-Day Visit to Doha
Commerce and Industry Minister Piyush Goyal will visit Doha on October 6th for a two-day official visit. During this trip, he will participate in the Qatar-India Joint Trade and Commerce Commission meeting, co-chaired by Qatar’s Commerce and Industry Minister Sheikh Faisal bin Thani bin Faisal Al Thani. Goyal is accompanied by senior officials and a large business delegation. The visit will focus on reviewing bilateral trade, addressing trade barriers, non-tariff issues, and exploring new avenues for investment and trade expansion.
India’s Expectations from the EU
The EU has requested that India reduce import duties on cars and medical equipment, and lower taxes on products like wine, liquor, meat, and chicken. Additionally, the EU seeks stricter intellectual property rights (IPR) laws. India, in turn, is pushing for better market access for its key exports, including textiles, pharmaceuticals, steel, petroleum products, and electrical machinery, to enhance competitiveness in the European market.
As negotiations progress, both India and the EU are working to reach a mutually beneficial trade agreement that strengthens economic ties and boosts bilateral trade.
