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Goyal meets EU team, holds talks on proposed FTA deals
The meeting set the stage for the 10th round of FTA negotiations in Brussels from March 10-14, said an official
India is simultaneously engaged in trade negotiations with three developed economies this month, as the country pushes forward with its ambitious global trade agenda, according to officials familiar with the developments.
Commerce minister Piyush Goyal met with the European Union delegation in Mumbai on Saturday, ahead of his departure to the United States on Sunday, while talks with the United Kingdom continue following their relaunch last month, said one of these officials, who added that the minister’s America trip will pave the way for headway on a multi-sector bilateral trade agreement (BTA).
Goyal discussed the broad contours of proposed India-EU free trade negotiations with EU Trade chief Maros Sefcovic on Saturday in Mumbai. The meeting “set the stage for the 10th round of FTA negotiations in Brussels from March 10-14,” one official said.
Following the meeting, Goyal posted on X: “Had a productive meeting with EU Commissioner for Trade & Economic Security @MarosSefcovic, along with officials from both sides. Our discussions focused on accelerating efforts towards a balanced & mutually beneficial Free Trade Agreement. Looking forward to deepening economic ties and fostering a prosperous India-EU partnership.”
Sefcovic responded on the same platform, thanking Goyal for the hospitality and adding: “We’re striving for a mutually beneficial FTA that is focused on a commercially meaningful market access package covering goods, services as well as investment. Another signal of the importance we attach to EU-India relations.”
The India-UK free trade agreement negotiations are currently underway after being relaunched on February 24 in New Delhi, officials confirmed.
Goyal is now set to initiate bilateral talks early next week with the US to forge a BTA. During his week-long visit to the US, Goyal is expected to meet United States Trade Representative Jamieson Greer, where the two will “prepare a roadmap to realise vision of their leaders,” according to an official.
The discussions could mark the starting point of formal trade negotiations between India and the US, covering industrial and agricultural labour-intensive sectors as part of a $500-billion bilateral trade roadmap agreed upon by Prime Minister Narendra Modi and President Donald Trump on February 13 in Washington. The two countries have proposed to conclude the first tranche of a “mutually beneficial, multi-sector Bilateral Trade Agreement” by fall 2025.
Goyal is also expected to meet US Commerce secretary Howard Lutnick during his America visit. Officials indicated that the commerce ministry is coordinating with various departments to calibrate possibilities for India-US trade in respective sectors, potentially including reciprocal tariff concessions and ease of doing business measures. The two sides may also explore the possibility of importing energy from the US.
An official noted that “most countries want comprehensive deals with India covering trade, investment and strategic matters because of its fastest growing economy and strategic importance as a stable and reliable partner in an increasingly fractured and polarised world.” He added that “India is also engaged with them from its position of strength, which is an outcome of its strong political leadership.”
All three major economies – the US, EU, and UK – are now engaged with India to conclude trade deals by the end of this fiscal year, officials said.
Earlier, during Trump’s first term as president, India and the US were discussing a mini-trade deal, but that was shelved by the Joe Biden administration, officials said.
Commerce ministry data shows India exported goods worth $59.93 billion to the US in April-December 2024, marking a 5.6% year-on-year increase. Imports from the US during the same period reached $33.40 billion, up 1.9%. India-US bilateral trade in both goods and services in 2023 was $190.08 billion (including $66.19 billion in services trade), with the balance of trade favouring India.
Box:
India’s trade talks
The UK
•FTA talks relaunched: Feb 24, 2025 (New Delhi)
•Status: Negotiations currently underway
EU
•Latest meeting: Mar 1, 2025 (Mumbai)
•Next round: Mar 10-14, 2025 (Brussels)
•Focus: Balanced FTA covering goods, services & investment
US
•Ministerial visit: Mar 2 onwards
•Key meetings in works: USTR Greer & Commerce secretary Lutnick
•Target: First bilateral trade deal targeted fall of 2025
