India, EU maximising efforts to finalise FTA talks by year end

New Delhi: India and the EU are now maximising their efforts to finalise negotiations for a proposed free trade agreement by the end of this year, with both sides stressing their commitment to a comprehensive and balanced pact to benefit businesses and consumers.

The official team of India and the EU are engaged in the 13th round (September 8-12) of negotiations for the agreement here.

EU Trade Commissioner Maros Sefcovic and the European Commission’s Agriculture Commissioner Christophe Hansen are here to review the progress of talks with Commerce and Industry Minister Piyush Goyal.

Both sides have targeted to conclude the negotiations by December.

India and the European Union are working with sincerity and commitment to finalise a comprehensive and balanced free trade agreement that will benefit businesses and consumers on both sides, Goyal said at an ACMA event.

Maros was also present at the function.

“We are now maximizing our efforts to finalise negotiations by the end of the year, as it was agreed by the President of the European Commission (Ursula von der Leyen), and (Indian) Prime Minister Modi (Narendra) when we’ve been here...we are striving to put in place an economically meaningful win-win package that brings real added value to businesses and consumers, both in Europe and here in India, because this would enable us to work together in the areas where cooperation will bring additional value and where it definitely makes sense,” Maros said.

Maros described the ongoing discussions as some of the most intensive and constructive ever held between the two partners.

He noted that while negotiations on the free trade agreement (FTA) had been attempted in the past, never before had the process reached such a level of seriousness, mutual trust, and shared ambition.

India is fast becoming a key engine of the global economy, and a strong economic partnership will add significant value to the European Union, just as Europe’s technology and scale will benefit India’s growth story, he pointed out.

“As you know, your minister is fighting for you as a lion,...and I was born in the sign of the lion, so we understand each other very well,” Maros said in a lighter vein.

Goyal also said that “he has long hours of jostling and fighting” with Maros on the proposed pact, but “I can tell you, he is a tough negotiator, very difficult to get anything past Maros”. The minister added that it is also important not to let the “search for a perfect deal become the enemy of progress”, and stressed that the direction in which the negotiations are moving is extremely positive.

He expressed confidence that the possibilities being unlocked through this process are immense and will open up opportunities for trade, investment, technology transfer, and deeper economic engagement.

Goyal said he is confident that an industry, such as the automotive component sector, will find provisions being crafted under the India-EU partnership to be attractive and full of potential.

“The agreement will open new avenues for Indian manufacturers to partner with their European counterparts and with companies from other parts of the world, thereby encouraging joint ventures, technology partnerships, and collaborative innovation,” he said.