|
India is fast-tracking negotiations for a comprehensive free trade agreement with the European Union, with Commerce and Industry Minister Piyush Goyal holding three crucial meetings with EU Trade Commissioner Maros Sefcovic within just 35 days.
Speaking to reporters during his two-day visit to Italy, Goyal emphasised the unprecedented pace of discussions as evidence of both sides' commitment to concluding the long-awaited trade pact. "We have held three meetings in 35 days. It shows our shared commitment to the FTA... we are trying to do it faster," Goyal said Thursday, highlighting India's determination to expedite the negotiation process. The rapid-fire diplomatic engagement included meetings on May 1 and May 23 in Brussels, followed by a third round of talks that concluded June 2 in Paris. This intensive schedule reflects the urgency both sides attach to finalising the agreement. India brings significant momentum to these talks, having recently concluded similar agreements with the four-nation European Free Trade Association (EFTA)--comprising Iceland, Liechtenstein, Norway, and Switzerland--and the United Kingdom. The current EU negotiations represent the resumption of talks that stalled for over eight years. India and the 27-member European Union bloc restarted comprehensive FTA discussions in June 2022, alongside negotiations for an investment protection agreement and a geographical indications pact. The political commitment reached its peak in February when Prime Minister Narendra Modi and European Commission President Ursula von der Leyen agreed to seal the trade deal by year-end, setting an ambitious timeline for conclusion. "We are making rapid progress on the very vibrant FTA, which would open opportunities for businesses on both sides," Goyal said, describing the potential agreement as "very strong and mutually beneficial." However, the minister acknowledged that current India-Italy bilateral trade remains "low and sub-optimal" at approximately $15 billion in goods, despite enormous untapped potential between the two economies. Italian Deputy Prime Minister and Foreign Minister Antonio Tajani echoed the sentiment for enhanced economic cooperation, describing India and Italy as "natural partners." He emphasised Italy's focus on boosting exports to India while actively seeking Indian investments in Italian markets. "Our goal is to reduce trade barriers," Tajani said, addressing broader concerns about global trade tensions. When questioned about US tariffs on steel and aluminium, he maintained that "duties are never positive" and reiterated the importance of reducing trade barriers. The accelerated pace of India-EU negotiations comes at a critical time for global trade relationships, with both sides seeking to diversify economic partnerships and reduce dependence on other major trading blocs. Success in these talks could establish a template for India's engagement with other European partners and significantly reshape trade flows between Asia and Europe. (ANI)
|
