New Delhi: India and the European Union (EU) are intensifying efforts to finalize a Free Trade Agreement (FTA), aiming to bolster economic ties and reduce reliance on other global markets. This development comes as both parties seek to navigate the evolving global trade landscape and address emerging challenges.
Commerce and Industry Minister Piyush Goyal announced that over 60% of the chapters in the proposed FTA have been finalized, indicating substantial progress in the negotiations. The agreement is expected to cover key sectors such as digital trade, intellectual property, and dispute resolution, with discussions ongoing to address remaining issues.
The EU has expressed concerns over India’s continued purchase of discounted Russian oil, which has led to increased tariffs on Indian imports by the United States. These developments have prompted India to seek alternative trade partnerships, with the EU emerging as a significant partner in this strategic shift.
High-level discussions are set to continue, with senior EU and Indian officials engaging in talks to close existing gaps and finalize the agreement by the end of 2025. The successful conclusion of the FTA is expected to enhance bilateral trade, promote economic growth, and strengthen the strategic partnership between India and the EU.
As the global trade environment continues to evolve, the India-EU FTA represents a proactive step towards fostering resilient and diversified economic relationships.
