India and EU Look Forward to Robust Free Trade Agreement

Strategic Insights -

Commerce and industry minister Piyush Goyal emphasized India's commitment to forging a fair and equitable free trade agreement (FTA) with the European Union, with efforts underway to finalize negotiations by December-end. EU trade commissioner Maros Sefcovic expressed confidence in achieving a "very good agreement," despite disagreements on certain issues. The two sides aim to unlock new business opportunities and facilitate two-way trade flows under the condition of tariff liberalization.

Key Takeaways:

  • Commerce minister Piyush Goyal expressed India's commitment to a robust, fair, and equitable FTA with the EU.
  • EU trade commissioner Maros Sefcovic stated that intensive negotiations are underway to achieve a "groundbreaking" deal.
  • The automotive market in India is expanding and thriving, with potential for growth and collaboration.
  • The 13th round of India-EU FTA talks took place in New Delhi from September 8-12.
  • Minister Goyal emphasized the importance of finding a balance in negotiations, rather than striving for a perfect agreement.
  • EU trade commissioner Sefcovic emphasized the need for tariff liberalization to facilitate two-way trade flows.

Statistics:

  • 13th round of India-EU FTA talks took place from September 8-12.
  • New Delhi serves as the venue for India-EU FTA talks.
  • EU and India aim to finalize negotiations by December-end.
  • The two sides are engaged in intense negotiations for a free-trade agreement.
  • The automotive market in India is expanding and thriving.

Sources:

  • Europolitics.com
  • The European Commission
  • The Hindu Businessline
  • PTI (Press Trust of India)