Union Commerce Minister Piyush Goyal on Friday stressed the need for concrete measures to eliminate existing trade barriers in order to accelerate discussions and finalise a Free Trade Agreement (FTA) between India and the European Union (EU).
Speaking at the ‘Italy-India Business, Science and Technology Forum’, Goyal said both sides must develop a deeper understanding of the hurdles delaying the agreement, noting the immense potential to build on the current bilateral trade volume of $15 billion.
“I believe concrete steps need to be taken to expedite the conclusion of the FTA between India and the EU. This will require both the EU, its member states, and India to work in a spirit of cooperation, building mutual trust and a deeper understanding of the trade barriers that are holding back the agreement,” he said.
Goyal also underlined the importance of boosting investment between India and Italy, adding that businesses on both sides should be able to trade without obstacles.
His remarks come after a meeting in Delhi last month between Prime Minister Narendra Modi and European Commission President Ursula von der Leyen, where both leaders agreed to speed up efforts to finalise the FTA by the end of the year.
Von der Leyen’s visit followed proposed tariff hikes by US President Donald Trump—currently paused until July 9 for countries other than China—under his ‘America First’ policy, which has contributed to global trade uncertainty.
During their meeting, PM Modi and the EU Commission President directed their respective negotiating teams to pursue a balanced, ambitious, and mutually beneficial agreement. Both sides committed to enhancing market access and eliminating trade barriers, while also advancing talks on an Investment Protection Agreement and an Agreement on Geographical Indications.
The EU is India’s largest trading partner, accounting for goods trade worth £124 billion in 2023, representing 12.2% of India’s total trade.
— IANS
