EU trade team to meet Piyush Goyal tomorrow over FTA talks
The EU delegation, led by Director-General for Trade Sabine Weynad, is in India to resolve differences and meet the year-end deadline for the talks
A visiting team from the European Union (EU) will hold discussions with Commerce and Industry Minister Piyush Goyal on Monday (December 8) regarding the advancement of talks on the proposed free trade agreement (FTA), an official source has said.
The meeting is key as both sides are eager to conclude the negotiations at the earliest.
The delegation, led by the EU’s Director-General for Trade Sabine Weynad, is in India to resolve differences over issues related to both goods and services. They have set a year-end deadline to bring the negotiation to a conclusion.
India-EU trade scenario
Indian goods’ exports to the EU, including readymade garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the agreement sails through
The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, services, investment, rules of origin, customs and trade facilitation, government procurement, dispute settlement, intellectual property rights, and geographical indications.
“The EU team will meet the minister on Monday,” the official said.
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Differences that still need to be ironed out in certain areas, such as steel, carbon tax, automobiles and non-tariff barriers.
India, EU resumed talks in 2022
Three-and-a-half years ago, India and the EU resumed talks for a comprehensive FTA, an investment protection pact and a deal on geographical indications after a hiatus of more than eight years.
It was obstructed 12 years ago due to differences on the level of opening up markets.
India's bilateral trade in goods with the EU, a 27-member bloc, was USD 136.53 billion in 2024-25 (exports worth USD 75.85 billion and imports worth USD 60.68 billion), making it the largest trading partner for goods.
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The EU market accounts for about 17 per cent of India's total exports, and the bloc’s exports to India constitute nine per cent of its total overseas shipments.
Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in other products such as wine, spirits, meat, poultry, and a strong intellectual property regime.
Indian goods’ exports to the EU, including readymade garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through.
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The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, services, investment, rules of origin, customs and trade facilitation, government procurement, dispute settlement, intellectual property rights, and geographical indications.
(With Agency inputs)