India-EU Free Trade Pact Enters Crucial Phase Amid Intense Negotiations
Intense negotiations are underway as India and the European Union strive to finalize a free trade pact by year-end. The EU, India's largest trading partner, aims to unlock investment and expand market access. Key issues include tariff conflicts on vehicles and agriculture, targeting mutual benefits.
Trade talks between India and the European Union have reached a critical juncture, with negotiators pushing to finalize a free trade agreement by the end of the year, according to top EU official Maros Sefcovic.
The EU stands as India's largest trading partner in goods, with bilateral trade reaching $137.5 billion in the 2023/24 fiscal year. Sefcovic emphasized efforts to seal a deal that would increase investment, reduce existing trade barriers, and enhance market access for both sides.
Negotiations, which resumed in 2022, have accelerated due to Trump's tariffs, prompting the EU to seek alliances with Mexico, Mercosur countries, and intensify discussions with India. Key concerns include tariffs on vehicles and agriculture, with both parties seeking satisfactory compromises.
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