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Union Minister of Commerce and Industry Piyush Goyal expressed optimism about the India-European Union Free Trade Agreement (FTA) and said the deal may be concluded soon.
Addressing a press conference over India-EU FTA negotiations soon after the event of Swissmem Industry Day in Switzerland, Union Minister Goyal said, "There's a saying which goes so near and yet so far. So I would believe that in the case of the European Union, we are really very near." Goyal further added that there are only a few issues remaining between the two sides. "There are just a few issues remaining to be sorted out," he said, adding that "we have both agreed to respect each other's sensitivities so that we don't let the irritants, which have in the past held back agreements between two friendly sets of nations or democratic countries." Goyal highlighted India's successful trade agreements with the European Free Trade Association (EFTA), the United Kingdom, Australia, and the United Arab Emirates as examples of a mutually beneficial, fair and balanced approach. "In the same spirit in which we finalised EFTA, in the same spirit in which we finalised NFT with the UK or Australia or the United Arab Emirates, in that spirit of mutually beneficial, fair and balanced agreement, which will support the economies of the 27 Nation, EU block and India, keeping in mind the different levels of development that are currently on the table, but respecting that the greatest growth opportunity in the years to come lies in India," said Goyal. Goyal further added that the agreement between the two sides would take into account the different development stages of India and the EU and unlock immense growth opportunities. "The greatest growth opportunity in the years to come lies in India. As we grow from a USD 4 trillion to a USD 30-35 trillion economy, this partnership will be transformative," he said. "I think we are very close to finalising a very good, robust free trade agreement with the EU faster than most people would imagine," he added. India and the EU bloc in May reaffirmed their intention to conclude free trade agreement negotiations by the end of 2025. During the talks, India has emphasised that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade. (ANI)
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