Blitz Bureau
NEW DELHI: As part of efforts to expedite the conclusion of a comprehensive free trade agreement, Union Commerce and Industry Minister Piyush Goyal met European Union Commissioner for Trade and Economic Security Maros Sefcovic, European Union Commissioner for Agriculture and Food, Christophe Hansen, and other officials of the EU delegation in New Delhi on September 12.
Goyal said, “India is committed to a balanced and mutually beneficial FTA, which will open new avenues for businesses and strengthen the shared progress of both India and Europe.” He also posted on the social media platform ‘X’ that the 13th round of talks on the India-EU FTA is going on and both sides are committed to reaching its conclusion soon.
During the meeting, India stressed that not only tariffs but also non-tariff barriers (NTBs) should be given equal attention in the trade talks. India also said that regulatory frameworks should be inclusive and balanced so that they do not become a hindrance to trade.
So far, the two sides have finalised 11 chapters, which include issues such as customs, trade facilitation, digital trade and capital flows. However, differences still remain over rules of origin, market access and tariffs on products such as wine and dairy.
It is worth noting that the European Union is India’s largest trading partner. Trade between the two reached $ 135 billion in the year 2023-24. The next round will be held in Brussels. Speaking at an event of the Automotive Component Manufacturers Association of India (ACMA), Goyal said that the proposed FTA will be of special benefit to the auto industry.
Meanwhile, Foreign Secretary Vikram Misri also met a delegation of the European Union’s Political and Security Committee (PSC). The delegation was led by Chair Delphine Pronk, who is on her first visit to Asia. Foreign Ministry spokesperson Randhir Jaiswal posted on Twitter that discussions were held on deepening security and defence cooperation between the two sides and regional and international situations.
