May Not Agree On Everything, But FTA Will Be 'Very Good': EU Trade Commissioner

EU Trade Commissioner Maros Sefcovic struck an optimistic note at the 65th ACMA Annual Session, saying intensive negotiations are underway for a "groundbreaking" free trade agreement between India and the European Union.

Sefcovic said talks have gained momentum like never before, with strong political backing from both top leaders. He said, however, that while India and Europe may not agree on everything, he is confident of achieving a "very good agreement."

Global trade is being severely disrupted by geopolitics, he said, adding that both sides have to adjust to new realities while seizing new opportunities. The work now is on expanding market access, building resilient supply chains, and widening bilateral trade, he stated.

The EU Commissioner emphasised that both India and Europe have mutual interests in collaborating not just bilaterally but also on global challenges. He highlighted the automotive sector as the centrepiece of the India-EU partnership, noting that Europe's green technology and India's growing population and manufacturing base complement each other.

He underlined the shared goal of jointly addressing climate change through greener technologies, ensuring the FTA facilitates two-way trade and enhances the flow of auto components. "We can lead the charge with EVs and smart mobility," he said.

Sefcovic stressed that both sides are maximising efforts to finalise the FTA by the end of the year, striving for an economically viable "win-win package." The agreement, once concluded, will bring the EU and India closer, with the auto sector emerging as a clear winner.

Union minister Piyush Goyal noted that Sefcovic is a tough negotiator and mentioned being engrossed in the ongoing talks. He stated that he is also looking forward to reaching a mutually beneficial free trade agreement with the European Union, an agreement he believes will be a defining moment for two large and relevant economies.