Goyal: Pace of EU Free Trade Agreement Set to Surpass Leaders’ Expectations
India-EU Free Trade Agreement Negotiations Gaining Momentum
Discussions between negotiators for the India-European Union Free Trade Agreement (FTA) are picking up pace, with Commerce Minister Piyush Goyal and his EU counterpart Maros Sefcovic convening three times within the span of 35 days. The objective is to finalize the agreement before the conclusion of 2025. This initiative is expected to broaden India’s trade interactions throughout Europe, complementing existing treaties with the UK and EFTA.
Aiming for an Earlier Conclusion
According to reports from Brescia, Italy, the negotiators for the India-EU FTA could surpass the hopes of high-ranking officials from both regions and potentially wrap up talks by the end of this year. Commerce Minister Piyush Goyal emphasized their commitment to swift progress, noting, “We have held three meetings in 35 days. This reflects our mutual dedication to the FTA… we are striving to expedite the process,” as he addressed reporters alongside Italian Deputy Prime Minister Antonio Tajani.
Details of Recent Meetings
The initial two discussions between Goyal and Sefcovic took place on May 1 and May 23 in Brussels, followed by a third meeting on June 2 in Paris. Both Prime Minister Narendra Modi and European Commission President Ursula von der Leyen had previously established a target to finalize the FTA by the end of 2025.
Frequent Negotiation Rounds
Goyal mentioned that negotiation rounds are being conducted monthly, supplemented by inter-sessional meetings that occur weekly. Typically, the EU allows a 90-day interval between two negotiation rounds for FTAs; however, there is a continuous flow of communication during the final stages of negotiations. Goyal stated that once the FTA with the EU is complete, India will have thoroughly integrated with Europe, as the agreements with the UK and the European Free Trade Association (EFTA) have already been established.
About EFTA
EFTA comprises Iceland, Liechtenstein, Norway, and Switzerland.
Background of FTA Discussions
Negotiations between India and the 27-member EU bloc for a comprehensive free trade agreement, along with an investment protection pact and a Geographical Indications agreement, resumed in June 2022 after more than eight years of inactivity. To date, a total of 11 rounds of talks regarding this agreement have taken place.
