Piyush Goyal to visit Brussels for India-EU FTA talks
What's the story
Commerce and Industry Minister Piyush Goyal will visit Brussels on October 27-28 to discuss the proposed Free Trade Agreement (FTA) with the European Union (EU). The talks will focus on key areas like market access, non-tariff measures, and regulatory cooperation. Goyal is expected to hold high-level discussions with Maros Sefcovic, Executive Vice-President and European Commissioner for Trade of the EU during his visit.
Strategic goals
Investment protection agreement, geographical indications on agenda
The primary goal of Goyal's visit is to expedite the FTA negotiations, which are expected to be completed by December. The commerce and industry ministry said in a statement that the visit will also review progress made so far and identify areas needing further convergence. The two sides are also separately negotiating an investment protection agreement and an agreement on geographical indications.
Trade dynamics
India-EU bilateral trade in goods
The India-EU bilateral trade in goods stood at $136.53 billion in FY25. The visit highlights India's commitment to strengthening ties with the EU, one of its largest trading partners. The two sides are keen to expedite a comprehensive, balanced, and mutually beneficial trade agreement as soon as possible. The minister's visit aims to give strategic direction and political impetus to the talks after the 14th round of negotiations earlier this month.
Negotiation details
Recognition as a data secure country
The 14th round of FTA negotiations was held in Brussels on October 10. The talks focused on firming up an economically meaningful market access package. The EU has requested India to lower its tariffs on cars and alcoholic beverages, while New Delhi wants the EU to recognize it as a data-secure country. This is because the EU's data transfer rules hinder trade in digital services.