Commerce and Industry Minister Piyush Goyal on Friday said there are pending issues in the proposed free trade agreement between India and the European Union, and both sides are working to resolve them for its early conclusion. He said that talks between the countries are progressing well.
"If there were no sensitive issues, we could have concluded that agreement 18 years ago. Obviously, there are issues and we are working to resolve those issues," Goyal said, while addressing a joint press conference with Italian Deputy Prime Minister Antonio Tajani.
Italy is a member of the 27-nation EU bloc.
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The two sides concluded the tenth round of negotiations in Brussels last month for the proposed agreement. The next round of talks is expected to be held in New Delhi in May.
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In June 2022, India and the 27-nation EU bloc resumed the negotiations after a gap of over eight years. It stalled in 2013 due to differences over the level of opening up of the markets.
On Feb. 28, Prime Minister Narendra Modi and the European Commission President agreed to seal a much-awaited free trade deal by this year.
Tajani, who is also Italy's Minister for Foreign Affairs and International Cooperation, said that "we are pushing hard in Brussels (EU's headquarters) for achieving this important goal" of signing the agreement soon.
He also said that huge trade and investment opportunities are there for businesses of both sides.
He added that Italian firms are ready for joint ventures with Indian companies in Africa. "Space (sector) is a future. It's a clean industry," he said, while stating the areas of cooperation.
Talking about India-Middle East-Europe Economic Corridor, the Italian minister said it is a link between India and Italy through the Gulf and it will help strengthen trade.
Meanwhile, Goyal met with Tajani in New Delhi to discuss strengthening bilateral trade and investment ties. India-Italy trade is estimated at about $15 billion in 2023-2024 while foreign direct investments from Italy into India are about $4 billion since 2000.
The leaders also discussed the progress of the EU-India FTA negotiations and emphasized the importance of prioritizing trade issues to streamline negotiations and deliver a commercially meaningful package to build resilient value chains to provide stability to business against emerging risks.
Sectors like pharma, textiles, technological collaboration, gems and jewellery, ship building, energy transition and agri-tech and food processing were highlighted as key areas of collaboration between the two countries.
"Italy recognized the necessity of engaging with India as a strategic partner to diversify its trade relationships. The trade barriers faced by exporters and investors were also discussed, with both sides agreeing to resolve such issues through continuous dialogue," the commerce ministry said in a statement.
It was agreed that the next meeting of the Joint Commission for Economic Cooperation would be held in Italy at a mutually convenient time, accompanied by a high-level business delegation to advance bilateral trade, enhance market access, and promote investments.
Goyal said that the key areas where both sides can enhance cooperation include fashion, tourism, luxury goods, pharma, agri tech, manufacturing, and electric vehicles.
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