India-EU reaffirm commitment to early conclusion of FTA negotiations: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal said a balanced and mutually beneficial Free Trade Agreement (FTA) between India and the European Union (EU) will unlock new opportunities.

Both sides have reaffirmed their commitment to the early conclusion of ongoing FTA negotiations.

Advertisement

Taking it to a social media post on X, Minister Goyal wrote, “As the India-EU FTA negotiations continue, we reiterated our shared commitment towards its early conclusion. A balanced and mutually beneficial FTA will unlock new opportunities for people & businesses on both sides.”

The India-European Union Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) is expected to be implemented later this year once all parties complete their ratification processes.

On 10 March 2024, Member States of the European Free Trade Association – Iceland, Liechtenstein, Norway, and Switzerland – and India signed a comprehensive Trade and Economic Partnership Agreement (TEPA).

Notably, India is in talks for several other agreements, including the India-EU FTA, India-Australia Comprehensive Economic Cooperation Agreement (CECA), India-Sri Lanka Economic and Technology Cooperation Agreement, India-Peru FTA, India-Chile CEPA, India-New Zealand FTA, and a bilateral trade agreement with the United States.

European Trade Commissioner Maros Sefcovic and Commissioner for Agriculture and Food Christophe Hansen are on a visit to India from September 12-13. They will lead the negotiations on the FTA between India and the European Union.

On Tuesday, the EU Embassy in India in a post said, “On 12-13 Sept, EU Trade Commissioner Maros Sefcovic and Agriculture & Food Commissioner Christophe Hansen will be in town to meet Minister Piyush Goyal, take stock & power up India-EU business ties and connect with key stakeholders.”

Earlier, German Foreign Minister Johann Wadephul reaffirmed his country’s commitment to finalising the FTA between India and the European Union as soon as possible.

It is reported that with the India-UK FTA coming into play, about 99 per cent of Indian exports will be duty-free, with a goal to reach USD 120 billion in trade by 2030.

With 27.8 per cent of UK retail already online, exporters who line up proof of origin and value-added tax workflows for consignments at or below GBP 135 can launch on day one.