India, EU chart road map to put trade in fast lane

Union trade minister Piyush Goyal outlined a six-point agenda to improve trade ties between India and the European Union (EU), in a meeting with European Commissioner for Trade and Economic Security Maroš Šefčovič over the weekend.

During their first in-person meeting held in Brussels, which comes following an introductory video conference last month, Goyal and Šefčovič agreed to set a new framework for bilateral trade and investments. Both leaders outlined political directions for an expedited, robust free trade agreement (FTA) to meet global challenges.

India is actively pursuing an FTA with the EU, and the tenth round of FTA negotiations will be held in Brussels in March.

“India will build a commercially meaningful trade agenda with the EU, which is fair and equitable, addressing the tariff and non-tariff barriers through simplification and cost competitiveness for the benefit of businesses from both sides, especially small and medium enterprises, farmers, and fishermen,” Goyal said

India will partner with the European Union—both united by democracy, the rule of law, and an independent judiciary—to develop an economic relationship that merges their combined market (over $24 trillion), benefiting 2 billion people across both regions, he added.

Goyal also stressed on developing India as a high-quality product market in line with Prime Minister Narendra Modi’s “zero defect, zero effect” vision by exchanging best practices, harmonizing standards, and building common processes with the EU.

Collaboration will extend to developing cutting-edge technologies, securing critical raw materials, and creating resilient supply chains to reduce reliance on non-market economies, he said.

Goyal also affirmed India’s commitment to trade and sustainable development cooperation, with aspirations to be a “living bridge” for the EU by leveraging large-scale technologies and a young, highly skilled population.

Both leaders reviewed progress in the India-EU Trade and Technology Council (TTC), agreed to address legacy issues, and set a roadmap for continued consultations at senior and ministerial levels.

Senior officials from both sides attended the meeting.