India and EU Sprint Towards Free Trade Deal: Talks Gain Momentum

Union Commerce Minister Piyush Goyal has announced that India is making serious efforts to speed up the long-awaited Free Trade Agreement (FTA) with the European Union. In his address at the Italy-India Business, Science, and Technology Forum, Goyal underscored India's strategic significance as a manufacturing hub and prime market for EU countries.

Key Highlights:

Legacy Issues Resolved: Both sides are resolving contentious trade barriers that have hindered talks since 2013, with notable advances made in recent months.

Year-End Target: Prime Minister Modi and EU President Ursula von der Leyen have targeted completion of the FTA by December 2025, a milestone in bilateral ties.

Economic Opportunities: The accord seeks to increase bilateral trade above the present $180 billion, with a special emphasis on goods, services, investment, and government procurement.

Strategic Partnerships: Italy has assured commitment to the FTA, noting potential opportunities for joint ventures in areas such as energy transition, infrastructure, and cutting-edge technologies.

Goyal reaffirmed that tangible measures are needed to overcome current barriers and build confidence between India and EU member states. With negotiations moving forward continuously, the subsequent round of talks is planned in May 2025. FTA is projected to unleash never-before-seen economic growth in both regions with enhanced global value chains against incoming threats.

Sources: News On Air, Economic Times, Financial World