India accelerates EU trade deal push with three high-level meetings in five weeks
Brescia [Italy]: India is fast-tracking negotiations for a comprehensive free trade agreement with the European Union, with Commerce and Industry Minister Piyush Goyal holding three crucial meetings with EU Trade Commissioner Maros Sefcovic within just 35 days.
Speaking to reporters during his two-day visit to Italy, Goyal emphasised the unprecedented pace of discussions as evidence of both sides' commitment to concluding the long-awaited trade pact.
"We have held three meetings in 35 days. It shows our shared commitment to the FTA... we are trying to do it faster," Goyal said Thursday, highlighting India's determination to expedite the negotiation process.
The rapid-fire diplomatic engagement included meetings on May 1 and May 23 in Brussels, followed by a third round of talks that concluded June 2 in Paris. This intensive schedule reflects the urgency both sides attach to finalising the agreement.
India brings significant momentum to these talks, having recently concluded similar agreements with the four-nation European Free Trade Association (EFTA)--comprising Iceland, Liechtenstein, Norway, and Switzerland--and the United Kingdom.
The current EU negotiations represent the resumption of talks that stalled for over eight years. India and the 27-member European Union bloc restarted comprehensive FTA discussions in June 2022, alongside negotiations for an investment protection agreement and a geographical indications pact.
The political commitment reached its peak in February when Prime Minister Narendra Modi and European Commission President Ursula von der Leyen agreed to seal the trade deal by year-end, setting an ambitious timeline for conclusion.
"We are making rapid progress on the very vibrant FTA, which would open opportunities for businesses on both sides," Goyal said, describing the potential agreement as "very strong and mutually beneficial."
However, the minister acknowledged that current India-Italy bilateral trade remains "low and sub-optimal" at approximately $15 billion in goods, despite enormous untapped potential between the two economies.
Italian Deputy Prime Minister and Foreign Minister Antonio Tajani echoed the sentiment for enhanced economic cooperation, describing India and Italy as "natural partners." He emphasised Italy's focus on boosting exports to India while actively seeking Indian investments in Italian markets.
"Our goal is to reduce trade barriers," Tajani said, addressing broader concerns about global trade tensions. When questioned about US tariffs on steel and aluminium, he maintained that "duties are never positive" and reiterated the importance of reducing trade barriers.
The accelerated pace of India-EU negotiations comes at a critical time for global trade relationships, with both sides seeking to diversify economic partnerships and reduce dependence on other major trading blocs. Success in these talks could establish a template for India's engagement with other European partners and significantly reshape trade flows between Asia and Europe.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
7 hours ago
- Times of Oman
Elon Musk's Starlink gets license to offer satellite internet services in India
New Delhi: Elon Musk-owned satellite internet company Starlink has been given license by the government to launch GMPCS (Global Mobile Personal Communication by Satellite) services, VSAT Services and ISP Category-A under unified license. Starlink is the third company to receive the nod for GMPCS sevices from the Department of Telecom, after OneWeb and Reliance Jio. Global Mobile Personal Communication by Satellite (GMPCS) license authorizes the use of satellite technology for global mobile communication, providing connectivity seamlessly in the entire area of operation, particularly in remote and underserved areas. According to the Department of Telecommunications, GMPCS enables mobile communication services via satellite for users, especially in those regions where terrestrial networks' connectivity is limited. License holders deploy satellite terminals and ensure secure, continuous service with compliance with global standards. According to DoT, the license mandates adherence to privacy, lawful interception, and satellite transmission standards. Union Minister for Communications Jyotiraditya Scindia told reporters on Thursday that once licenses are given, the spectrum will be allocated to them. Scindia said that internet penetration can only be increased through satellite communication services, especially in remote areas where laying wires and installing towers would be difficult. Recently, Airtel and Jio have also partnered with Starlink to bring the latter's high-speed satellite internet services to their customers in India. Starlink will use Airtel and Jio's strong dealership network to sell and promote its services. In mid-April, Commerce Minister Piyush Goyal met a delegation from Starlink.
Times of Oman
9 hours ago
- Times of Oman
India: Runway upgrade at Delhi airport to disrupt 100 flights; 57 cancelled, 43 rescheduled
New Delhi: Delhi International Airport Limited (DIAL) CEO Videh Kumar Jaipuriar on Friday announced that Delhi Airport will temporarily shut Runway 10/28 for a three-month period to carry out critical upgrades aimed at improving fog-time operations. This will impact around 100 flights in all. Speaking to ANI, CEO of Delhi International Airport Limited (DIAL), Videh Kumar Jaipuriar, said, "Out of the four runways that the Delhi airport has, there is one runway 10/28 that we are planning to shut down for three months because there are upgrades that are required." As part of the degradation, DIAL will update the current ILS (Instrument Landing System), which is already out of order. DIAL will also make the runway CAT III-B compliant. CAT III-B is an advanced landing system that allows aircraft to land in extremely low visibility conditions. Due to the degradation activity undertaken by the DIAL, 100 flights are going to be affected overall, out of which over 43 flights are going to be rescheduled. "The new schedule has already been published, and 57 departure flights are going to be cancelled. If you put it in the perspective of the percentage, then overall, for Delhi airport, about 7 per cent of the Delhi airport capacity flights will be cancelled," said the DIAL CEO. "We also ensure that the cancellations are not something that is impacting in a big way. So, in most of the sectors where we had multiple connectivity, their 8-9 per cent of the connectivity was reduced so that overall that sector does not get impacted badly," he added. Global credit rating firm Fitch Ratings in April the current year upgraded Delhi International Airport Limited to BB+, kipping the outlook as stable. In its commentary, the rating firm said that the improvement in the financial profile is likely to be materially higher than its previous expectations. DIAL benefits from a stable regulatory regime with revenue and capex determined by the Airports Economic Regulatory Authority of India (AERA). The company also benefits from its position as India's largest airport by passenger traffic and the gateway to the national capital region with a catchment population of over 30 million, supporting strong long-term growth prospects despite some competition from the proposed opening of Noida International Airport in the financial year 2026.
Times of Oman
9 hours ago
- Times of Oman
After Indigo, Akasa partners with Navi Mumbai Airport for commercial flights
Mumbai: Akasa Air on Friday announced its partnership with Adani Airport Holdings Ltd (AAHL) to commence commercial flight operations from the upcoming Navi Mumbai International Airport (NMIA). A joint statement said Akasa Air will initially operate 100+ weekly domestic departures, scaling up to 300+ domestic and over 50+ international departures weekly in the winter schedule. As part of its broader network strategy, the airline is also set to ramp up to 10 parking bases by the end of 2026-27, with a focused international expansion into key Middle Eastern and Southeast Asian markets. Recently, Indigo had also partnered with Adani Group for operating commercial flights from the newly built Navi Mumbai airport. Vinay Dube, Founder and CEO, Akasa Air said: "Our foray into Navi Mumbai International Airport is a strategic step aligned with Akasa Air's long-term vision to build a future-ready airline that is responsive to the evolving needs of Indian travellers. No airline in India will have a larger percentage of its fleet and operations based out of NMIA than Akasa Air." "Enhanced connectivity from Navi Mumbai will not only strengthen our network in the western region but also help fuel India's economic engine by improving connectivity, stimulating regional development, and ensuring that the benefits of aviation-led growth reach every corner of the country. This move supports our commitment to supplement existing capacities, unlock new demand centres, and enable sustainable growth," Dube added. "NMIA represents the future of Indian aviation, and our presence from the outset aligns with our vision to serve India's emerging demand with agility, accessibility, and customer-first innovation. We appreciate our continued partnership with Adani Airports, offering expanded connectivity from this state-of-the-art airport while supporting the broader goal of regional and national aviation growth across our nation", Dube added. Arun Bansal, CEO, AAHL, added: "We are pleased to welcome Akasa Air as one of the inaugural airline partners at Navi Mumbai International Airport. Their rapid growth and forward-looking approach make them an ideal partner in NMIA's journey to becoming a key domestic and international hub. Our collaboration aims to offer a seamless and enhanced travel experience for millions, with NMIA playing a central role in reshaping Mumbai's air connectivity ecosystem." In its initial phase, Navi Mumbai Airport will handle 20 million passengers and 0.5 million metric tonnes (MMT) of cargo annually, with ultimate capacity expanding to 90 million passengers and 3.2 MMT cargo. The launch of Navi Mumbai airport will create a dual-airport system for the country's financial capital, enabling the decongestion of Mumbai airport and enhancing the overall passenger experience. The airport spans over 1,160 hectares (2,866 acres) of land. In March 2025, Adani Group Chairman Gautam Adani visited the Navi Mumbai airport site, which is almost ready for operations. Adani Group earlier hinted that it plans to inaugurate the Navi Mumbai airport in the first half of 2025. The greenfield Navi Mumbai airport will have two parallel runways, enabling two aircraft to land and take off simultaneously. The Navi Mumbai airport features a 3,700-meter runway capable of handling large commercial aircraft. Adani Airport Holdings Limited was incorporated in 2019 as a 100 per cent subsidiary of Adani Enterprises Ltd, the flagship company of the Adani Group. The Adani Group made its maiden venture into the airports sector by emerging as the highest bidder for the operation, management, and development of six airports: Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram. It also signed concession agreements with the Airport Authority of India for all six airports. The already operational airport in Mumbai is also an Adani airport.
