Latest news with #India-EuropeanUnionFreeTradeAgreement
Hans India
11-05-2025
- Business
- Hans India
India, EU to kick off next round of free trade talks in Delhi on Monday
India and the European Union (EU) will kick off the next round of talks on the proposed free trade agreement (FTA) here on Monday as the two sides are moving ahead for an early conclusion of the first phase of the pact, a senior official has confirmed. The Commerce Secretary has held a review meeting with senior officials in the run-up to the talks which will last till May 16. The EU wants India to lower tariffs on cars, wine and whiskey as well as some agricultural products. India, on the other hand, wants greater market access and lower tariffs for key exports, including pharmaceuticals, textiles and apparel. The EU is of one of India's largest trading partner, accounting for 124 billion euros of trade in goods in 2023, or 12.2 per cent of total Indian trade. Trade in services between the EU and India reached nearly 60 billion euros in 2023, almost double the level in 2020. A third of that were digital services, according to figures compiled by the World Economic Forum. Trade between India and the EU has grown by around 90 per cent in the past decade, but talks over a free trade pact have stalled over the years due to sharp differences between India and the 27-nation bloc on agriculture, automobiles and pharmaceuticals. India's Commerce & Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic met in Brussels on May 1 to reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. Both sides reiterated their aim to address pending issues in a spirit of mutual respect and pragmatism, including at the next round scheduled to be held from 12-16 May 2025 in New Delhi, according to an official statement issued after the meeting. This commitment builds on the strategic direction given by Prime Minister, Narendra Modi and President of the European Commission, Ursula von der Leyen during the landmark visit of the EU College of Commissioners to New Delhi in February 2025, the statement said. 'In my highly productive dialogue with EU Commissioner for Trade and Economic Security Maros Sefcovic today, we reaffirmed our shared commitment to concluding the India–EU Free Trade Agreement negotiations by the end of 2025,' the Indian Minister said. 'As we advance in our negotiations, our focus is on enhancing market access for businesses, promoting trusted and diversified supply chains, and deepening our partnership to drive the growth of our economies,' Goyal said. 'We also discussed boosting innovation and competitiveness, and the critical role of investments and mobility in shaping a future-ready agreement,' he said. Both India and EU, under the leadership of Prime Minister Narendra Modi and EU President Von der Leyen, remain committed to working towards a mutually beneficial and strategic agreement for shared prosperity and sustainable development of our regions, Goyal added. The high-level engagement underscores the strategic importance both partners attach to building a commercially meaningful, mutually beneficial, balanced, and a fair trade partnership that supports economic resilience and inclusive growth, the official statement said.
Fibre2Fashion
03-05-2025
- Business
- Fibre2Fashion
India, EU reaffirm commitment to finalise FTA by 2025 end
Piyush Goyal, the Minister of Commerce and Industry of India, and Maroš Šefcovic, European Commissioner for Trade and Economic Security, recently engaged in a forward-looking and substantive dialogue to address global trade challenges and reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. This commitment builds on the strategic direction given by Prime Minister Narendra Modi and President of the European Commission, Ursula von der Leyen during the visit of the EU College of Commissioners to New Delhi in February 2025. India and the EU have reaffirmed their commitment to concluding the free trade agreement (FTA) by end-2025, aiming for a balanced, inclusive, and resilient trade partnership. India's Piyush Goyal and EU's MaroÅ¡ Å efÄoviÄ highlighted progress in negotiations and the importance of addressing non-tariff barriers. The FTA seeks to enhance market access, digital transition, and supply chain resilience. The high-level engagement underscores the strategic importance both partners attach to building a commercially meaningful, mutually beneficial, balanced, and a fair trade partnership that supports economic resilience and inclusive growth. The meeting highlighted the progress made across multiple negotiating tracks and emphasised the importance of maintaining the ongoing momentum through monthly negotiating rounds and continued virtual engagement. Both sides reiterated their aim to address pending issues in a spirit of mutual respect and pragmatism, including at the next round scheduled to be held from May 12-16, 2025, in New Delhi. India emphasised that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade, the Ministry of Commerce and Industry said in a press release. The India-EU FTA aspires to reflect the evolving realities of global commerce by supporting digital transition, promoting diversified and resilient supply chains. Both sides expressed optimism that the agreement, once concluded, will serve as a transformative pillar of the broader India-EU strategic partnership, enhancing market access, supporting regulatory cooperation, and fostering innovation and competitiveness on both sides. Both sides acknowledged the crucial role of investment flows and people-to-people mobility in sustaining economic vitality. In the spirit of India's emergence as a 'Vishwa Mitra'—a partner to the world—and aligning with its 2047 development goals, the India- EU FTA is seen as an instrument to promote diversified production networks and uphold fair trade principles. As India continues to broaden its footprint through multiple free trade deals, this dialogue reflects its broader vision of shaping a future-ready framework aligned with national priorities and global aspirations. Fibre2Fashion News Desk (RR)
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Business Standard
02-05-2025
- Business
- Business Standard
India stresses focus on non-tariff barriers, import duty in EU trade talks
India has emphasised that resolving non-tariff barriers faced by businesses is as important as addressing import duty issues for meaningful progress in talks on the proposed free trade agreement with the European Union (EU), an official statement said on Friday. The progress of the talks was discussed during the meeting between Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic in Brussels. Both leaders also reaffirmed their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. "India emphasised that meaningful progress in trade negotiations requires an equal focus on Non-tariff Barriers (NTBs) alongside tariff (import duty) discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade," the commerce ministry said. The country has earlier on multiple occasions flagged NTBs being faced by domestic industry in the European Union markets and urged to address the issue to boost trade. They also stressed the importance of maintaining the ongoing momentum of talks through "monthly" negotiating rounds and continued virtual engagement. The next round of talks is scheduled from May 12-16 here. It also said that the FTA aspires to reflect the evolving realities of global commerce by supporting digital transition and promoting diversified and resilient supply chains. Both sides expressed optimism that the agreement, once concluded, will help enhance market access, supporting regulatory cooperation, and fostering innovation and competitiveness on both sides. "Both sides acknowledged the crucial role of investment flows and people-to-people mobility in sustaining economic vitality," it added. In June 2022, India and the 27-nation EU bloc resumed the negotiations after a gap of over eight years. It stalled in 2013 due to differences over the level of opening up of the markets. They are looking at concluding the FTA in two phases. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
02-05-2025
- Business
- Time of India
India stresses equal focus on non-tariff barriers, import duty in EU trade talks
India has urged the EU to address non-tariff barriers alongside import duties for substantial progress in FTA negotiations, aiming to conclude the agreement by the end of 2025. Both sides emphasized monthly negotiation rounds, digital transition support, resilient supply chains, enhanced market access, regulatory cooperation, and innovation promotion. They acknowledged investment flows and people-to-people mobility's crucial role. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India has emphasised that resolving non-tariff barriers faced by businesses is as important as addressing import duty issues for meaningful progress in talks on the proposed free trade agreement with the European Union (EU), an official statement said on Friday. The progress of the talks was discussed during the meeting between Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic in leaders also reaffirmed their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025."India emphasised that meaningful progress in trade negotiations requires an equal focus on Non-tariff Barriers (NTBs) alongside tariff (import duty) discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade," the commerce ministry country has earlier on multiple occasions flagged NTBs being faced by domestic industry in the European Union markets and urged to address the issue to boost also stressed the importance of maintaining the ongoing momentum of talks through "monthly" negotiating rounds and continued virtual next round of talks is scheduled from May 12-16 also said that the FTA aspires to reflect the evolving realities of global commerce by supporting digital transition and promoting diversified and resilient supply sides expressed optimism that the agreement, once concluded, will help enhance market access, supporting regulatory cooperation, and fostering innovation and competitiveness on both sides."Both sides acknowledged the crucial role of investment flows and people-to-people mobility in sustaining economic vitality," it June 2022, India and the 27-nation EU bloc resumed the negotiations after a gap of over eight years. It stalled in 2013 due to differences over the level of opening up of the markets. They are looking at concluding the FTA in two phases.
