The India-EU negotiations kicked off on October 6 to iron out differences on various issues related to goods and services so that the talks could be concluded early, official source said. Representative Photo: iStock
India, EU conclude 14th round of free-trade agreement talks
Negotiators wrap up five days of talks in Brussels to resolve differences on goods and services; both sides aim to finalise deal by December
Top-placed officials from India and the European Union (EU) have concluded the 14th round of talks for a proposed free-trade agreement (FTA) in Brussels, Belgium, an official source has confirmed.
The talks, spanning five days, kicked off on October 6 to sort out differences on various issues related to goods and services so that the negotiations could be concluded early, the source added.
The Indian negotiators were later joined by Commerce Secretary Rajesh Agrawal in the closing days of the round to provide the talks a push.
Agrawal met European Commission Director General for Trade Sabine Weyand during the visit.
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Commerce minister expected to visit Brussels
Commerce and Industry Minister Piyush Goyal recently expressed hope that the two sides will ink the agreement soon. He is also expected to visit Brussels to meet his EU counterpart Maros Sefcovic to review the progress.
Both sides have targeted to conclude negotiations by December.
In June 2022, India and the 27-member EU bloc resumed negotiations for a comprehensive FTA, 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.
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Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in other products such as wine, spirits, meat, poultry, and a strong intellectual property regime.
Indian goods’ exports to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through.
India-EU pact covers 23 policy areas
The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, trade in services, investment, sanitary and phytosanitary measures, technical barriers to trade, trade remedies, rules of origin, customs and trade facilitation, competition, trade defence, government procurement, dispute settlement, intellectual property rights, geographical indications, and sustainable development.
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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.
EU market accounts for 17 pc of India's total exports
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, the bilateral trade in services between India and the EU was estimated at USD 51.45 billion in 2023.
(With Agency inputs)