A visiting
European Union delegation will meet commerce and industry minister
Piyush Goyal on Monday to review progress in negotiations on the proposed India-EU free trade agreement (FTA), as both sides push to conclude talks within a year-end deadline, an official told PTI. The meeting comes amid efforts to narrow differences in critical areas covering both goods and services, with the EU team, led by Sabine Weyand of the Directorate-General for Trade, holding discussions in New Delhi to iron out outstanding issues.
“The EU team will meet the minister on Monday,” the official said, adding that some gaps still remain in areas such as steel, carbon tax, automobiles and non-tariff barriers.
India and the 27-nation EU bloc had resumed negotiations in June 2022 for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after talks were stalled in 2013 due to differences over market access.
The EU is currently India’s largest trading partner in goods. Bilateral trade stood at $ 136.53 billion in 2024-25, with Indian exports at $ 75.85 billion and imports at $ 60.68 billion. The EU accounts for about 17 per cent of India’s total exports, while shipments to India make up around 9 per cent of the bloc’s overseas exports.
Besides seeking significant duty cuts on automobiles and medical devices, the EU is pressing for tariff reductions on products such as wine, spirits, meat and poultry, along with a strong intellectual property regime.
Indian exports to the EU — including readymade garments, pharmaceuticals, steel, petroleum products and electrical machinery — could gain competitiveness if the agreement is finalised.
The India-EU trade pact negotiations span 23 chapters, covering areas such as trade in goods and services, investment, rules of origin, customs and trade facilitation, government procurement, dispute settlement, intellectual property rights and geographical indications, according to officials.
Get an chance to win ₹5000 Amazon Voucher by taking part in India's Biggest Habit Index! Take the survey here
The TOI Business Desk is a vigilant and dedicated team of journal...
Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
Read LessExpand
Start a Conversation
Post comment