Piyush Goyal Engages with EU on FTA, Pursues Global Trade Negotiations

Commerce Minister Piyush Goyal met with the EU delegation in Mumbai to discuss a proposed Free Trade Agreement (FTA), leading to the 10th round of negotiations scheduled for March. Simultaneously, India is engaged in talks with the UK and the US for separate trade deals. Discussions with the US aim to establish a multi-sector Bilateral Trade Agreement by fall 2025, emphasizing India’s growing role in global trade.

Commerce Minister Piyush Goyal met with a delegation from the European Union in Mumbai to discuss the proposed Free Trade Agreement (FTA). This meeting lays the groundwork for the 10th round of FTA negotiations scheduled to take place in Brussels from March 10 to 14. During this month, India is actively pursuing trade negotiations with three significant economies as part of its extensive global trade strategy.

In his discussions with EU Trade Commissioner Maros Sefcovic, Minister Goyal focused on enhancing efforts towards establishing a balanced and mutually advantageous Free Trade Agreement. He later communicated on social media about the productive nature of their meeting, emphasizing his anticipation of strengthening the economic relationships between India and the EU.

Sefcovic reciprocated Goyal’s sentiments via social media, expressing gratitude for the meeting and reiterating the EU’s commitment to a mutually beneficial FTA that encompasses substantial market access in various sectors, including goods, services, and investment.

Current negotiations with the UK are also underway, having been relaunched on February 24, 2025, in New Delhi. Goyal is scheduled to travel to the United States shortly, aiming to initiate further discussions regarding a multi-sector Bilateral Trade Agreement, which could delineate the path for formal trade negotiations between India and the US.

During his visit to the US, Goyal plans to convene with United States Trade Representative Jamieson Greer and other significant officials, with discussions anticipated to yield a roadmap for bilateral trade relations. The outcome may facilitate a $500-billion trade partnership, following previous agreements set by the leaders of both nations.

Additionally, the Commerce Ministry is preparing for this visit by coordinating various department inputs to enhance trade possibilities with the US, which may include energy imports and tariff concessions. Officials underscore India’s growing desirability as a trade partner, given its burgeoning economy and strategic importance in a complex global landscape.

In summary, all three major economies—the US, EU, and UK—are currently engaged with India in concluding trade agreements by the end of the fiscal year. Despite previous pauses in discussions during transitions in US administration, India’s proactive approach and the ongoing trade talks reflect its robust positioning on the international trade stage.

The recent meetings between Commerce Minister Piyush Goyal and delegations from the EU and ongoing negotiations with the UK and US reflect India’s commitment to advancing its global trade agenda. Efforts are focused on establishing comprehensive FTAs that facilitate market access across goods, services, and investments. The engagements underscore India’s strategic relevance as a trade partner in a dynamic global economy, aiming to finalize substantial agreements by the conclusion of the fiscal year.

Original Source: www.hindustantimes.com