Goyal Set to Boost India-EU Trade Talks in Historic Brussels Visit
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Union Commerce Minister Piyush Goyal is scheduled to visit Brussels on January 8-9 for a crucial two-day trip to provide strategic guidance to negotiators working on a mutually beneficial India-European Union free trade agreement. This historic juncture comes after 14 rounds of intense negotiations over the past 42 months. Goyal's visit marks a significant escalation in diplomatic and technical engagements between New Delhi and Brussels, signaling a decisive push towards concluding the India-EU Free Trade Agreement (FTA). The negotiations aim to iron out differences so the FTA can be concluded during the India-EU Summit later this month. Prior to Goyal's visit, a high-level Indian team led by the chief negotiator has been holding talks with their EU counterparts in Brussels. Commerce Secretary Rajesh Agrawal is also in Brussels to resolve technical issues alongside senior EU officials. The EU is India's largest trading partner and a key investor, with bilateral trade in goods significantly bolstered in the 2024-25 fiscal year. The agreement is envisioned as a comprehensive partnership addressing modern economic realities. During his visit, Goyal will hold high-level dialogues with EU Trade Commissioner Maroš Šefčovič to provide strategic guidance to the negotiating teams, resolve pending issues, and expedite the conclusion of a balanced and ambitious agreement. The talks will focus on key areas, aiming to narrow divergences and ensure clarity on outstanding matters. A central pillar of India's negotiation strategy is to secure an agreement that translates into tangible benefits for the common man. India is pushing for zero-duty access for its labour-intensive sectors, such as textiles, leather, apparel, gems and jewellery, and handicrafts. Both India and the EU have expressed strong political resolve to deliver a comprehensive deal. The upcoming talks are expected to reaffirm the commitment to a rules-based trading framework and a modern economic partnership that safeguards the interests of farmers and MSMEs while integrating Indian industries into global supply chains. The urgency of the talks was evident when an EU negotiating team engaged with their Indian counterparts for a week in December. The India-EU Summit is expected on January 27, coinciding with the visits of European Commission President Ursula von der Leyen and European Council President António Costa as chief guests at the Republic Day celebrations on January 26. Both sides aim to conclude the FTA negotiations before that. India's bilateral trade in goods with the EU was $137.41 billion in 2023-24, making it the country's largest trading partner for goods. Additionally, bilateral trade in services in 2023 was estimated at $51.45 billion.
