Near Conclusion: India-EU Free Trade Agreement Talks

India and the European Union are progressing toward finalizing a free trade agreement that has been in negotiation since June 2022. Commerce and Industry Minister Piyush Goyal announced that both parties have nearly reached an agreement, resolving the differences that stalled discussions back in 2013.

The renewed talks between India and the 27-nation EU bloc focus on 23 key policy areas, including significant issues such as Trade in Goods, Investment, and Sustainable Development. Minister Goyal emphasized the mutual respect for each other's sensitivities, which has facilitated smoother negotiations.

Prime Minister Narendra Modi and the European Commission President have set a deadline to finalize the deal by the end of the year. The EU, a major trade partner accounting for 17% of India's exports, had a bilateral trade in goods with India totaling USD 137.41 billion in 2023-24. In services, the bilateral trade was estimated at USD 51.45 billion in 2023.

(With inputs from agencies.)