India-EU FTA Talks Gain Momentum As Goyal And Sefcovic Discuss Strategic Ties
Date
12/20/2024 2:11:32 PM
(MENAFN- KNN India)
New Delhi, Dec 20 (KNN) India's Commerce Minister Piyush Goyal and European Commissioner for Trade Maros Sefcovic conducted video conference discussions on Thursday regarding the India-EU Free Trade Agreement (FTA) negotiations and other strategic partnerships.
This marked their first introductory meeting since the formation of the new European Commission.
The high-level dialogue covered various aspects of India-EU relations, including the Trade and technology Council, trade negotiations, and investment matters, according to an official Ministry statement.
Following the meeting, Commissioner Sefcovic expressed on social media platform X that while the EU-India trade and investment relationship has yet to reach its full potential, the discussions presented an opportunity to strengthen strategic ties.
During the meeting, Minister Goyal acknowledged the re-election of European Commission President Ursula von der Leyen for a second term by the European Parliament in July 2024, while noting Prime Minister Modi's unprecedented third mandate in India.
Both leaders emphasised that this political continuity could foster deeper bilateral relations amid global uncertainties.
The discussion highlighted the progress of FTA negotiations, which have completed nine rounds. Both parties acknowledged that the talks now require strategic political guidance to reach a commercially viable agreement that considers each side's sensitivities.
Minister Goyal specifically addressed concerns about non-tariff barriers impeding trade, emphasising the importance of resolving long-standing issues as a confidence-building measure.
The leaders agreed to pursue a balanced and ambitious FTA that would benefit the combined population of approximately 2 billion people across India and the EU.
They committed to arranging a bilateral visit through diplomatic channels at a mutually convenient time to better understand each other's positions and concerns.
(KNN Bureau)
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