Blitz Bureau
NEW DELHI: In a bid to further boost trade and investment ties with the European Union (EU), Union Minister of Commerce and Industry Piyush Goyal is slated to visit Brussels, Belgium for a high-level dialogue.
The dialogue with Maros Sefcovic, Commissioner of the European Commission for Trade and Economic Security, will have wide-ranging discussions on the India-EU Free Trade Agreement (FTA) negotiations, the Trade and Technology Council framework and bilateral trade matters, according to Ministry of Commerce and Industry.
This three-day visit from January 18-20 underlines the importance that India attaches to its trade and investment ties with the EU, one of its largest trading partners with bilateral trade estimated at over $180 billion in 2023-2024.
The EU is also a significant source of foreign direct investment (FDI), with total FDI estimated at $117.34 billion.
According to the ministry, the leaders are expected to discuss the global economic situation amid trade disruptions, give political directions to expedite the FTA negotiations and explore a commercially significant, balanced, equitable, ambitious and mutually-beneficial FTA.
On the sidelines, Goyal is also expected to meet Dr Ngozi Okonzo-Iweala, Director General of the World Trade Organisation (WTO), Bernard Quintin, Minister of Foreign Affairs, European Affairs and Foreign Trade of Belgium apart from holding interactions with representatives of Belgian industry and Indian community. In December last year, Goyal highlighted that India is aiming for a balanced, comprehensive and mutually beneficial FTA with the EU.
At a meeting in New Delhi with Ambassadors of the European Commission delegation, the minister discussed the growing proximity and rising trade between India and the EU.
The FTA negotiations, after nine rounds of intense engagement, need political directions to arrive at a commercially meaningful deal while understanding the sensitivities of each other, he said.
The trade agreement with the EU would help India further expand and diversify its exports of goods and services while securing the value chains.
