Commerce and Industry Minister Piyush Goyal held a constructive meeting with EU Commissioner for Trade and Economic Security Maros Sefcovic, where both sides discussed ways to positively resolve the remaining issues surrounding the India-EU Free Trade Agreement (FTA).
Following the meeting, Goyal shared on X that “the shared commitment on both sides towards redefining the relationship is deeply encouraging.”
Sefcovic, in a post on X, expressed satisfaction over reconnecting with Minister Goyal ahead of his upcoming visit to Brussels. “Our goal remains the same – to keep making progress and elevate the trade and investment relationship to a new level,” he said.
Negotiations for the India-EU Free Trade Agreement were relaunched on June 17, 2022, after nearly a decade-long pause. The discussions aim to strengthen economic ties between two of the world’s largest markets.
The European Union continues to be India’s biggest trading partner, with trade in goods valued at EUR 124 billion in 2023, representing 12.2% of India’s total trade. India, in turn, stands as the EU’s ninth-largest trading partner, accounting for 2.2% of the EU’s total trade in goods. Trade in services between both sides also saw strong growth, rising to EUR 59.7 billion in 2023 from EUR 30.4 billion in 2020.
Both India and the EU have committed to concluding the Free Trade Agreement by the end of 2025. This goal follows the strategic roadmap set by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen during the Commission’s landmark visit to New Delhi in February 2025.
In parallel, India has been accelerating its engagement on free trade agreements with several key global partners. The country is currently in advanced discussions with the United States, the European Union, Australia, and Sri Lanka, among others, as part of its broader strategy to expand trade networks and ensure long-term economic resilience.
Talks are also underway for bilateral trade agreements with nations such as New Zealand, Oman, Chile, South Korea, and Peru. The months ahead are expected to be pivotal, as the outcomes of these negotiations could significantly redefine India’s role in the global trade landscape and influence its economic direction for years to come.
