India, EU committed for early conclusion of FTA negotiations: Goyal

Jaipur, Dec 10 (PTI) Commerce and Industry Minister Piyush Goyal on Wednesday said negotiations for the India-EU free trade agreement are progressing, and a rough outline of the pact has been prepared.

He said both sides are committed to an early conclusion of the deal.

"Ek free trade agreement ki motee-motee roop rekha taiyaar ho gayee hai (a rough outline of a free trade agreement has been prepared)," Goyal told reporters here.

He was here to participate in the Pravasi Rajasthani Divas.

The progress of the negotiations was reviewed by Goyal and European Union's Commissioner for Trade and Economic Security Maros Sefcovic here on December 8 and 9.

"The discussions were very positive. And I am confident that soon with the EU, a decision will happen on (the agreement)," he said.

During his visit to New Delhi, Maros also met Finance Minister Nirmala Sitharaman and External Affairs Minister S Jaishankar.

When asked if an announcement is expected on the conclusion of the negotiations in January, the minister said: "I think the air is pregnant with possibilities".

"I can say with certainty that both sides are committed for an early conclusion of the deal. Whether it happens in one month, next week or next month, we will wait and watch," he added.

These remarks are important as both sides have a fixed December-end deadline to conclude the talks.

The top EU leadership will grace the Republic Day parade as the chief guest on January 26, and the India-EU summit is set to take place the next day, it was learnt.

India and the EU have agreed to intensify efforts for the early conclusion of the negotiations.

In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive FTA (free trade agreement), an investment protection agreement and a pact on geographical indications after a gap of over eight years.

It was stalled in 2013 due to differences on the level of opening up markets.

India's bilateral trade in goods with the EU was USD 136.53 billion in 2024-25 (exports worth USD 75.85 billion and imports worth USD 60.68 billion), making it the largest trading partner for goods.

The EU market accounts for about 17 per cent of India's total exports, and the bloc's exports to India constitute 9 per cent of its total overseas shipments.

Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in other products like wine, spirits, meat, poultry, and a strong intellectual property regime.

Indian goods' exports to the EU, such as readymade garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through.

The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, services, investment, rules of origin, customs and trade facilitation, government procurement, dispute settlement, intellectual property rights, and geographical indications. PTI RR SHW