Commerce Minister Piyush Goyal met with the EU delegation to discuss the proposed FTA ahead of upcoming negotiations in Brussels. India’s push for trade agreements with the U.S., UK, and EU demonstrates its commitment to expanding global trade ties. Meetings are set for March, with the goal of concluding various bilateral agreements by Fall 2025.
Commerce Minister Piyush Goyal engaged with the European Union delegation in Mumbai ahead of his trip to the United States. This meeting is pivotal as it prepares for the 10th round of Free Trade Agreement (FTA) negotiations scheduled in Brussels from March 10 to 14. India is concurrently pursuing trade agreements with multiple developed economies to advance its global trade initiatives, according to officials familiar with the situation.
During the discussions, Goyal and EU Trade Chief Maros Sefcovic examined the finer aspects of the proposed India-EU FTA. Goyal expressed optimism through a post on social media, stating his hope to deepen economic ties and enhance the India-EU partnership. Sefcovic acknowledged Goyal’s hospitality in a reply, emphasizing the commitment to pursue an FTA that provides significant market access for both goods and services.
In addition to the EU talks, the negotiations for a free trade agreement with the United Kingdom were revived on February 24 in New Delhi. Following the meetings with the EU delegation, Goyal is set to engage with U.S. officials to negotiate a bilateral trade agreement aimed at achieving substantial economic cooperation between the two nations.
During his upcoming visit to the U.S., Goyal plans to discuss a roadmap with U.S. Trade Representative Jamieson Greer to formalize trade negotiations covering various sectors, in line with previous commitments made by the leaders of India and the U.S. The objective is to conclude a comprehensive multi-sector BTA by fall 2025.
Furthermore, Goyal’s agenda includes meetings with U.S. Commerce Secretary Howard Lutnick, exploring reciprocal tariff concessions and opportunities for energy imports from the U.S. Reports indicate that India is negotiating from a position of strength, bolstered by its rapid economic growth and strategic significance in the global landscape.
India’s trade engagements with the U.S., EU, and U.K. are critical as all three nations aim to finalize trade agreements by the close of the current fiscal year. Previously, discussions for a mini-trade deal between India and the U.S. were put on hold during President Biden’s administration, following initial talks in the Trump era.
In the period from April to December 2024, India exported goods worth $59.93 billion to the U.S., reflecting a 5.6% increase year-on-year. Conversely, imports from the U.S. during the same timeframe reached $33.40 billion, an increase of 1.9%. The total India-U.S. trade in both goods and services was $190.08 billion in 2023, favoring India in the balance of trade.
India’s Trade Talks Overview:
The UK
– FTA talks relaunched: February 24, 2025 (New Delhi)
– Current Status: Negotiations in progress
EU
– Latest meeting: March 1, 2025 (Mumbai)
– Next round: March 10-14, 2025 (Brussels)
– Focus: Balanced FTA covering goods, services, and investment
US
– Ministerial visit: Starting March 2
– Key meetings planned: USTR Jamieson Greer & Commerce Secretary Howard Lutnick
– Objective: First bilateral trade deal targeted for Fall 2025.
The recent meeting between Commerce Minister Piyush Goyal and the EU delegation reflects India’s strategic ambitions in global trade, preparing for future negotiations with major economies. Focused on establishing FTAs with the U.S., EU, and U.K., India seeks to enhance its trade landscape while negotiating from a position of strength. The successful completion of these agreements by the fiscal year’s end will likely indicate a substantial shift in India’s economic partnerships on a global scale.
Original Source: www.hindustantimes.com
