Piyush Goyal Holds High-Level Talks In Brussels As Indiaeu FTA Enters Critical Phase

(MENAFN- KNN India) New Delhi, Jan 10 (KNN) Commerce and Industry Minister Piyush Goyal held high-level discussions with EU Trade and Economic Security Commissioner Maros Sefcovic during his two-day official visit to the European Union headquarters for Free Trade Agreement (FTA) talks.

The discussions were aimed at securing a mutually beneficial trade agreement. India and the EU reaffirmed their commitment to a rules-based trading framework and a modern economic partnership that safeguards the interests of farmers and MSMEs.

Negotiations Enter Critical Phase

The ministerial engagements followed a week of intensive deliberations in Brussels, building on discussions held earlier this week on January 6–7 between India's Commerce Secretary Rajesh Agrawal and Sabine Weyand, Director General for Trade at the European Commission.

The talks assume significance as both sides are keen to conclude negotiations at the earliest. The India–EU Summit is expected to be held on January 27, with senior EU leadership scheduled to attend India's Republic Day celebrations as chief guests on January 26.

On December 15, Agrawal had stated that negotiations with the 27-nation EU bloc had entered the 'most difficult' phase, with both sides working to bridge differences and close the talks.

Trade Interests and Key Demands

So far, 16 rounds of negotiations have been completed. India is seeking zero-duty market access for its labour-intensive sectors, including textiles and leather.

The EU is pressing for significant tariff reductions in sectors such as automobiles, medical devices, wine and spirits, meat and poultry, along with stronger intellectual property protections.

Trade Ties and Economic Significance

India's bilateral trade in goods with the EU stood at USD 136.53 billion in 2024–25, with exports valued at USD 75.85 billion and imports at USD 60.68 billion, making the EU India's largest trading partner in goods.

The EU accounts for around 17 percent of India's total exports, while exports to India constitute about 9 percent of the EU's total overseas shipments.

Indian exports such as ready-made garments, pharmaceuticals, steel, petroleum products and electrical machinery are expected to become more competitive if the agreement is concluded.

Scope of the Agreement

The India–EU trade negotiations cover 23 policy areas, including trade in goods and services, investment, rules of origin, customs and trade facilitation, trade remedies, government procurement, dispute settlement, intellectual property rights, geographical indications and sustainable development.

(KNN Bureau)

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