India committed to finalise mutually beneficial FTA with European Union this year

NEW DELHI: Commerce and Industry Minister Piyush Goyal on Saturday said that India remains committed to a mutually beneficial free trade agreement (FTA) with the European Union (EU) this year.

Goyal, who met Maros Sefcovic, Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency, European Union, said the country is looking forward to the continued dialogue.

“It was a pleasure hosting you for the 13th Round of India-EU FTA negotiations. We remain committed to working towards a balanced and mutually beneficial FTA soon, to unlock massive opportunities on both sides. Thank you for your visit. Looking forward to our continued dialogue,” Commerce Minister posted on X.

Sefcovic earlier posted that he was back in India for the third time this year to advance an ambitious EU-India FTA with Minister Goyal.

“Maximising our efforts to wrap up in 2025. The auto sector should be at its core, boosting two-way trade via win-win tariff liberalisation,” he posted on X.

At an event in the national capital on Friday, Sefcovic observed that India and the EU are negotiating a ground-breaking FTA with unprecedented momentum, describing the ongoing discussions as some of the most intensive and constructive ever held between the two partners.

He noted that while negotiations on an FTA had been attempted in the past, never before had the process reached such a level of seriousness, mutual trust, and shared ambition.

The Commissioner said that efforts are being maximised to finalise the negotiations by the end of the year, in line with the commitment made earlier by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen.

He added that India is fast becoming a key engine of the global economy and that a strong economic partnership with India will add significant value to the European Union, just as Europe’s technology and scale will benefit India’s growth story.

Goyal said the FTA will open new avenues for Indian manufacturers to partner with their European counterparts and with companies from other parts of the world, thereby encouraging joint ventures, technology partnerships, and collaborative innovation.