Piyush Goyal, EU Delegation Discuss Early India-EU FTA Implementation

(MENAFN- AsiaNet News)

Union Minister Piyush Goyal held discussions with a European Parliamentary delegation led by Angelika Niebler on the early implementation of the India-European Union Free Trade Agreement (FTA), highlighting its significance for strengthening bilateral ties.

In a social media post, the minister said he was "delighted" to meet the delegation and noted that India-EU relations are witnessing growing dynamism across multiple sectors. "India-EU ties continue to strengthen, marked by growing dynamism and expanding cooperation across key sectors including trade, technology, green energy, connectivity, defence, space, mobility, education, and people-to-people exchanges," Goyal said.

He described the India-EU FTA as a defining milestone in the partnership, stating that it is expected to unlock new opportunities for businesses, MSMEs and skilled professionals on both sides. "The India-EU FTA represents a defining milestone in our partnership, poised to unlock new opportunities for businesses, MSMEs, and skilled professionals on both sides. We discussed pathways for its early implementation, alongside continued constructive engagement," he added.

Details of the India-EU FTA

India and the European Union concluded negotiations for a comprehensive Free Trade Agreement on January 27 this year. The agreement aims to boost bilateral trade in goods, services and investment, and is expected to come into force by early 2027. According to the Ministry of Commerce and Industry, the FTA is designed to create a future-ready trade framework that supports next-generation sectors of the Indian economy.

Key Focus Areas and Benefits

A key focus area of the agreement is engineering and manufacturing, where India is targeting USD 300 billion in engineering exports. By enabling greater access to the USD 2 trillion European market, the agreement is expected to enhance India's global competitiveness and integrate Indian manufacturers more closely into European supply chains. The framework also places special emphasis on MSMEs and regional industrial clusters, helping them scale up operations and access global contracts.

India-EU Economic Partnership

The European Union is among India's largest trading partners. In FY 2024-25, bilateral trade in goods stood at Rs 11.5 lakh crore (USD 136.54 billion), with exports at Rs 6.4 lakh crore (USD 75.85 billion) and imports at Rs 5.1 lakh crore (USD 60.68 billion). Trade in services between India and the EU reached Rs 7.2 lakh crore (USD 83.10 billion), reflecting the growing economic engagement between the two sides.

Together, India and the European Union represent the fourth and second largest economies globally, accounting for nearly 25 per cent of global GDP and one-third of global trade. The government said the agreement is expected to further strengthen economic ties and create new opportunities for growth, innovation and sustainable development. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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