India, EU Resume Free Trade Agreement Talks, Aim to Finalize Deal by End-2025
The European Union and India have kicked off the 13th round of free trade agreement talks in New Delhi, aiming to finalize the deal by the end of 2025. The negotiations follow a long gap of over eight years, with the previous talks having stalled in 2013 due to disagreements over market access. The talks come as a significant step towards boosting trade in goods, services, and investments between the two economies.
Key Takeaways:
- The EU is seeking lower import duties on goods like cars, medical devices, wine, meat, and spirits, as well as stronger protection of intellectual property rights.
- India's total trade in goods with the EU in 2024-25 was valued at USD 136.53 billion, with exports of USD 75.85 billion and imports of USD 60.68 billion, making the EU India's largest goods trading partner.
- The India-EU trade in services reached around USD 51.45 billion in 2023, showing strong business ties between the two sides.
- The talks cover 23 key areas, including trade in goods and services, investment rules, sanitary and safety measures, and dispute resolution.
- EU Trade Commissioner Maros Sefcovic will visit India on September 12 to review the progress of the talks and meet with India's Commerce and Industry Minister Piyush Goyal.
- The 2025 deadline for finalizing the trade deal was agreed upon by Prime Minister Narendra Modi and European Commission President in February 2025.
Statistics:
- USD 136.53 billion: India's total trade in goods with the EU in 2024-25
- USD 75.85 billion: India's exports to the EU in 2024-25
- USD 60.68 billion: India's imports from the EU in 2024-25
- USD 51.45 billion: India-EU trade in services in 2023
- 23: Number of key areas covered in the trade talks
- 2013: Year when the previous talks stalled
- 2025: Year by which the trade deal is to be finalized
- 12: Number of EU countries
Sources:
- European Commission
- Indian National Press (Bombay) Pvt. Ltd.
- Contify.com