Piyush Goyal In Brussels On Oct 27-28 To Give Political Impetus To Trade Pact Talks
Discussions are expected to cover key areas of the proposed free trade agreement, including market access, non-tariff measures, and regulatory cooperation.
Commerce and Industry Minister Piyush Goyal will visit Brussels on Oct. 27 for talks with his European Union counterpart to give political impetus to the proposed trade pact, as the deadline to conclude negotiations nears.
During the two-day visit, Goyal will meet Executive Vice-President and European Commissioner for Trade of the European Union Maros Sefcovic, the commerce ministry said on Sunday.
"The visit comes at a crucial stage in the ongoing India-EU Free Trade Agreement negotiations, as both sides intensify efforts to conclude a comprehensive, balanced, and mutually beneficial trade agreement at the earliest," it said.
The minister's visit aims to provide strategic direction and 'political impetus' to the talks, it added.
Discussions are expected to cover key areas of the proposed free trade agreement, including market access, non-tariff measures, and regulatory cooperation.
"The visit will also serve to review progress achieved so far and to identify areas requiring further convergence," the ministry said.
Goyal's visit follows the conclusion of the 14th round of talks between the two sides from Oct. 6-10.
Commerce Secretary Rajesh Agrawal has also held talks with European Commission Director General for Trade (DG-Trade) Sabine Weyand in Brussels.
Engagements between the two sides have increased as they have decided to conclude negotiations by December.
In June 2022, India and the EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after a gap of over eight years. It was stalled in 2013 due to differences on the level of opening up markets.
India's bilateral trade in goods with the EU was $136.53 billion in 2024-25 (exports worth $75.85 billion and imports worth $60.68 billion), making it the largest trading partner for goods.
The market accounts for about 17% of India's total exports, and the bloc's exports to India constitute 9% of its total overseas shipments.
Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in other products like wine, spirits, meat, poultry, and a strong intellectual property regime.
Indian goods' exports to the EU, such as readymade garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through.
The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, services, investment, trade remedies, rules of origin, customs and trade facilitation, competition, government procurement, dispute settlement, intellectual property rights, geographical indications, and sustainable development.
