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India, EU well on track for FTA deal, says Piyush Goyal
Piyush Goyal said India would benefit from Europe’s “technology and innovation”, while the EU would gain from India’s “growth story, scale, and resilience”
NEW DELHI: India and the European Union are well on track to meet their year-end deadline for concluding free trade agreement negotiations, with both sides expressing confidence about the partnership’s mutual benefits, senior officials said on Friday.
Union commerce minister Piyush Goyal said India would benefit from Europe’s “technology and innovation”, while the EU would gain from India’s “growth story, scale, and resilience” as the 13th round of FTA talks continued in New Delhi.
“Both India and the EU are set to benefit immensely from the free trade agreement we are striving to achieve,” Goyal told the 65th annual session of the Automotive Components Manufacturers Association (ACMA), sharing the dais with EU commissioner for trade and economic security Maroš Šefčovič.
The EU delegation, led by Šefčovič and agriculture commissioner Christophe Hansen, is visiting New Delhi as negotiators from both sides work intensively in the Indian capital. On Thursday, Goyal had posted on X after hosting a dinner for the delegation: “As the India-EU FTA negotiations continue, we reiterated our shared commitment towards its early conclusion.”
“Talks are ongoing—and I must say that, as always, Piyush is a fantastic host when we have the pleasure of coming to India for negotiations,” Šefčovič said at Friday evening’s ACMA event. “Given the political will on both sides, I think we are set to meet the deadline.”
“We are now maximising our efforts to finalise negotiations by the end of the year, as agreed by European Commission President von der Leyen and Prime Minister [Narendra] Modi,” he added. The quality of the India-EU relationship is important not only for the two partners, but for the entire global economy, he said.
The talks have gained momentum amid strong economic ties between the partners. In 2024, the EU emerged as India’s largest trading partner, ahead of the United States and China, with bilateral trade in goods hitting 140 billion euros in 2023. More than 6,000 European companies operate in India, and trade between the two economies has grown by around 90% over the past decade.
Šefčovič described the EU and India as “two of the largest economies in the world, built on innovation and economic opportunity, and underpinned by our shared democratic principles”. He said the partners enjoyed “an enduring partnership, with a solid foundation for cooperation, especially in sectors where innovation meets industry”.
Goyal emphasised that India and the EU were working with “sincerity and commitment” to finalise a comprehensive and balanced agreement. However, he cautioned that such deals cannot be one-sided arrangements, as every negotiation involves give and take to ensure fairness.
“It is important not to let the search for a perfect deal become the enemy of progress,” the minister said, describing the direction of negotiations as “extremely positive”.
Addressing the automotive sector specifically, Goyal expressed confidence that the industry would find the provisions being crafted under the India-EU partnership “attractive and full of potential”.
Recalling Prime Minister Narendra Modi’s description of the automobile industry as the torchbearer of the ‘Make in India’ programme, he said this was “an opportune time to aim higher, strengthen supply chains, build resilience, and contribute significantly to jobs, exports, and high-quality manufacturing”.
