"Will negotiate a fair balance," Piyush Goyal optimistic of wrapping up FTA with EU by year end
Commerce and Industry Minister Piyush Goyal expressed optimism that India could finalise its Free Trade Agreement (FTA) with the
European Union
(EU) ahead of the year-end deadline, citing minimal divergences between the two economic blocs.
Goyal emphasised the complementary nature of the Indian and European economies. "There are not too many issues where we have divergence of opinion. We have both complementary economies," he stated. "In most cases, what is of offensive interest to India does not hurt the European economy. And likewise, goods and services that Europe would like to provide to India only support our growth story."
The minister acknowledged that certain sensitive areas require careful negotiation on both sides. "Obviously, in any trading relationship, there are certain sensitive issues on both sides which we have to resolve amicably in the interest of both the European Union and India," Goyal noted.
India has positioned itself strongly on key issues concerning the EU, particularly regarding gender equality and sustainability. "We are proud of our sisters and our women and the fantastic work they have done and continue to do," Goyal said. "Therefore, if you have a subject like gender, India is on the front foot. When it comes to subjects like sustainability, India is right at the forefront."
Both sides have raised specific concerns that must be addressed in the negotiations. "We have certain concerns about European Union practices and regulations. Likewise, they have certain areas of things they would like to discuss," the minister explained.
Goyal expressed confidence that these issues could be resolved through fair negotiation. "Some issues are on the table and we will negotiate a fair balance and free trade agreement," he said. "There would be many issues on both sides which will come up for discussion so that we can come up with a robust agreement that will support market access and promote easier trade."
The minister clarified that free trade agreements operate independently of domestic business reforms. "Free trade agreements stand on their footing. They have no relationship to our internal domestic effort to make it attractive to do investments and businesses," he explained.
Instead, FTAs focus on market liberalisation that benefits both economies. "Free trade agreements are more towards opening markets on both sides, which leads to greater competitiveness, improved productivity and efficiency in all processes," Goyal said.
The agreement is expected to create broader economic opportunities across multiple sectors. "It opens the doors to larger engagement, be it in goods, services, investments, all areas related to the economy," the minister noted. "All of this benefits 1.4 billion consumers."
The India-EU FTA negotiations represent a significant step in strengthening economic ties between India and one of the world's largest trading blocs. The agreement aims to reduce trade barriers, enhance market access, and create new opportunities for businesses on both sides.
With both economies showing complementary strengths and shared commitments to sustainability and gender equality, the successful conclusion of the FTA could mark a new chapter in India-Europe economic cooperation, potentially benefiting millions of consumers and businesses across both regions.
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