Early conclusion of India-EU FTA can make big difference: Jaishankar

New Delhi, Oct 29 (PTI) An early conclusion of the proposed free trade agreement between India and the European Union can make a "big difference" in terms of stabilising the global economy and strengthening democratic forces, External Affairs Minister S Jaishankar said on Wednesday.

He said this after meeting a high-powered trade delegation from the 27-nation bloc.

The seven-member delegation is in India to push for finalisation of the long-awaited bilateral free trade agreement (FTA) between the two sides.

"Discussed how India & the European Union can maximize convergences and deepen cooperation. This can stabilize the global economy and strengthen democratic forces," Jaishankar said on X.

"The early conclusion of the India-EU FTA can make a big difference to these objectives," he said.

Jaishankar remarks came as the two sides looked to wrap up negotiations for the mega trade pact.

In September, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen reaffirmed their commitment to finalise the trade deal by December.

The European Union is India's biggest trade partner with bilateral trade in goods recording USD 135 billion in the financial year 2023-24. The FTA is expected to significantly enhance the two-way trade ties.

India and the EU concluded the 14th round of FTA negotiations in Brussels on October 10.

Following the negotiations, the EU said the talks focused on firming up an economically meaningful market access package.

"Some progress was made in outstanding areas, in particular on the SPS chapter, which was closed," it said.

The two sides have already concluded negotiations on 11 chapters that included customs and trade facilitation, dispute settlement, digital trade, sustainable food system, small and medium-sized enterprises, competition and subsidies and capital movements.

The delegation of members of the European Parliament will also engage with a variety of stakeholders in order to receive first-hand information on the opportunities and challenges posed by these trade negotiations.

Commerce Minister Piyush Goyal was in Brussels this week to hold talks with top EU officials on the trade pact.

EU ambassador to India Herve Delphin on Wednesday said "substantial progress" has been made in the negotiations.

"EU & India in continuous negotiation mode, aiming to reach an agreement by end of year," he posted on X. PTI MPB ZMN