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Union Commerce and Industry Minister Piyush Goyal on Wednesday said he deeply values European Council President Antonio Costa's positive outlook for India and his support for strengthening India-EU cooperation, as both sides recognised the successful conclusion of the India-EU Free Trade Agreement (FTA) as a major step towards expanding trade, investment and innovation.
Goyal shared the update after calling on President Costa along with External Affairs Minister S Jaishankar, Minister of State for Electronics and Information Technology Jitin Prasada and Principal Scientific Adviser Prof Ajay K Sood. "It was a pleasure to call on the President of the European Council, Mr. Antonio Costa, alongside EAM Dr. S. Jaishankar ji, MeitY MoS Jitin Prasada ji, and Principal Scientific Adviser Prof. Ajay K. Sood ji. We recognised the successful conclusion of the India-EU Free Trade Agreement as a landmark achievement that takes our Strategic Partnership to a new level, opening new opportunities for trade, investment, and innovation," Goyal said in a post on X. He added, "Deeply value President Costa's positive outlook for India and his steadfast support for further strengthening India-EU cooperation as trusted democratic partners committed to shared growth and prosperity." The meeting comes as India and the European Union continue to deepen their economic partnership following the successful conclusion of the India-EU FTA negotiations, which come into effect from today. According to the details shared by the Minister, the pact eliminates tariffs on labour-intensive sectors such as textiles, clothing, leather, gems and jewellery, engineering goods, chemicals, electronics, marine products, furniture, and sports goods. For the agricultural sector, the agreement provides zero-duty access to all products, with specific exclusions for chicken, pork, eggs, rice, and sugar. It also grants duty-free entry to 97.1 per cent of tariff lines for processed food products, offering Indian exporters an immediate edge in the UK's global agricultural import market, which exceeds USD 90 billion. Earlier during his visit to Belgium, Goyal held a series of meetings with European Commissioners and Belgian Deputy Prime Minister David Clarinval to discuss expanding cooperation in agriculture, clean energy, renewable energy, green technologies, trade, investment, logistics and sustainable industrial development. He also said the India-EU FTA presents a significant opportunity to strengthen economic ties between India and Belgium, particularly with the Flanders region, through greater collaboration in trade, investment and innovation. The latest engagement with President Costa reinforces the broader momentum in India-EU economic relations, with both sides signalling their commitment to deepen cooperation beyond trade into areas such as innovation, technology and sustainable growth. The India-EU FTA is expected to strengthen market access, encourage greater investment and create new opportunities for businesses as the strategic partnership between the two sides continues to expand. (ANI)
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