NEW DELHI: A significant delegation from the European Union (EU) is currently in India for vital discussions focused on advancing the bilateral Free Trade Agreement (FTA). This visit comes as both India and the EU are working towards a year-end deadline to conclude these important trade negotiations.
The seven-member delegation, part of the EU Committee on International Trade, is in the country from October 27-29. Their agenda includes discussions on trade, economic, and investment ties between the EU and India. The team is being guided by Cristina Maestre, the committee’s standing rapporteur for India, and Brando Benifei.
“Our primary goal for this visit is to foster greater mutual understanding during these intensive trade negotiations between the EU and India,” stated Maestre and Benifei. They emphasized the timeliness of the visit, happening just months before the 2025 deadline for concluding the FTA.
“We are eager to delve into the key issues, as both parties share a strong mutual interest in establishing a meaningful bilateral agreement and upholding the principles of the rules-based multilateral trade order,” they added.
The members of the European Parliament’s delegation plan to engage with a diverse range of stakeholders during their visit. This interaction will help them gain firsthand insights into the opportunities and challenges inherent in the ongoing trade talks.
Key meetings are scheduled with ministerial and parliamentary officials, as well as representatives from prominent business organizations like the Federation of European Business in India and the Confederation of Indian Industry (CII). The delegation will also connect with civil society groups focusing on sustainability, worker and employer representatives, and organizations dedicated to labor rights.
The International Trade Committee plays a crucial role in overseeing the India-EU trade negotiations, and any agreement reached will require the European Parliament’s approval.
The most recent, 14th round of FTA negotiations concluded in Brussels on October 10. Discussions centered on the core elements of the proposed agreement, with an objective to achieve “economically meaningful market access,” according to an EU assessment.
“We observed progress in several outstanding areas, notably the closure of the SPS chapter,” the EU reported, also mentioning discussions on rules of origin.
The EU further explained that technical discussions would now shift to continuous, intensive engagement at the Chief Negotiators’ level, involving relevant experts in both virtual and in-person formats, rather than full negotiation rounds. High-level political engagement is also set to continue.
The drive to finalize the FTA by the end of the year was reiterated by European Commission President Ursula von der Leyen and Prime Minister Narendra Modi during a visit to India in February. In recent months, these negotiations have gained significant traction, partly influenced by global trade policy uncertainties.
Economically, India is the EU’s ninth-largest trading partner, representing 2.2% of the EU’s total goods trade in 2023. Conversely, the EU is India’s largest trading partner, with bilateral trade in goods reaching €124 billion in 2023, accounting for 12.2% of India’s total trade. Trade in services between the two regions amounted to €59.7 billion in 2023.