India’s Commerce and Industry Minister, Piyush Goyal, is scheduled to visit Brussels later this month to invigorate the ongoing negotiations for a comprehensive Free Trade Agreement (FTA) with the European Union. This pivotal visit comes after his participation in the Berlin Global Dialogue, slated for October 23-25.
During his time in Brussels, Minister Goyal is expected to meet with EU Trade Commissioner Maros Sefcovic to push forward the trade discussions. This diplomatic engagement follows the recent 14th round of talks held between the two sides from October 6-10, demonstrating an intensified commitment to finalize the agreement.
The Commerce Secretary, Rajesh Agrawal, has also been actively involved, holding discussions with Sabine Weyand, Director General for Trade at the European Commission. Both parties are keen to conclude these critical negotiations by December.
Following his European tour, Minister Goyal is also set to visit New Zealand. India and New Zealand initiated their own free trade agreement negotiations in March and have already conducted three rounds of discussions.
The push for an India-EU FTA represents a significant resumption of efforts. Negotiations for a comprehensive trade pact, an investment protection agreement, and a pact on geographical indications were initially launched in June 2022, picking up after an eight-year hiatus. Talks had stalled in 2013 primarily due to differing views on market access.
The European Union currently stands as India’s largest trading partner for goods. In the fiscal year 2024-25, bilateral trade reached an impressive $136.53 billion, with India’s exports totaling $75.85 billion and imports from the EU amounting to $60.68 billion. The EU market alone accounts for approximately 17% of India’s total exports, while the bloc’s exports to India make up 9% of its overall overseas shipments.