India- EU free trade negotiations have made “significant progress” as they “agreed to close 10 out of 20 chapters”; “broadly decided” another four to five chapters; and are working towards convergence on most of the remaining issues, Union commerce minister Piyush Goyal said after concluding his three-day Brussels visit.
He added that his recent visit helped smoothen the path for the next round of talks between the two sides when the EU’s team will visit India next week. The 14th round of India-EU FTA negotiations was concluded in Brussels between October 6 and 10. It is understood that the two partners are continuing discussions on issues pertaining to automobiles, steel and carbon tax given the sensitivities involved. India also flagged issues related to non-tariff barriers levied by the EU, including regulatory hurdles. The next round is expected to focus on resolving such matters.
After the 14th round closed on October 10, the two sides stayed engaged through physical and virtual modes and the EU team is expected in New Delhi on November 3 to start the next round. Meanwhile, a seven-member European Parliament Committee on International Trade (INTA) made a three-day visit to India to review information on the opportunities and challenges posed by the trade negotiations.
While trade negotiators of the two sides are at work to achieve convergence, hectic parleys also are on at the ministerial level. European commissioner for trade and economic security Maroš Šefčovič is expected to visit India towards end-November or early December, Goyal said.
Goyal visited Brussels from 26-28 October and said he had “productive and meaningful engagements” with European commissioner for trade and economic security Maroš Šefčovič and his team on “outstanding issues” related to the ongoing India-EU FTA negotiations. Before this meeting, he also met EU commissioner for economy and productivity Valdis Dombrovskis in Germany on October 24.
INTA’s New Delhi sojourn is seen as an important step in translating the shared vision of India and EU leaders into concrete outcomes. “Pleased to meet the delegation of the European Parliament’s Committee on International Trade #INTA today in Delhi. Discussed how India & the European Union can maximize convergences and deepen cooperation. This can stabilize the global economy and strengthen democratic forces. The early conclusion of the India-EU FTA can make a big difference to these objectives,” external affairs minister S Jaishankar said on Wednesday in a post on X.
Commenting on Goyal’s three-day Brussels visit, Šefčovič said discussions were “very intensive” and “very constructive” and will help the two partners to create further positive momentum in bilateral trade talks. “We share the common objective and this is to deliver all the mandate given to us by the President von der Leyen and Prime Minister Modi,” he said. The three-day high-profile meeting took place against the backdrop of the India-EU partnership gaining renewed strategic depth following the meeting between Prime Minister Narendra Modi and European Commission President Ursula von der Leyen earlier this year.
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