Negotiators of the India and European Union (EU) Free Trade Agreement (FTA) will beat the expectations of top leaders from both sides and may conclude it before the end of the year. Commerce Minister Puyush Goyal held three meetings with his counterpart Maros Sefcovic on the pact in the last 35 days.
“We have held three meetings in 35 days. It shows our shared commitment for the FTA…we are trying to do it faster,” Goyal told reporters at the joint press conference with the Italian Deputy Prime Minister Antanio Tajani. The first two meetings between Goyal and Sefcovic were held on May 1 and May 23 in Brussels. The third meeting was held on June 2 in Paris.
Prime Minister Narendra Modi and European Commission President Ursula von der Leyen had set the deadline of 2025-end for concluding the FTA.
He said that negotiating rounds are happening every month and in between inter-sessional meetings are being held. Every week. The EU normally keeps a gap of 90 days between two negotiating rounds of the FTAs but in the final leg of negotiations there is no let up in contact.
Goyal said after the FTA with EU India would have fully covered Europe as agreement with UK has already been finalised and with European Free Trade Association (EFTA) signed. EFTA covers Iceland, Liechtenstein, Norway, and Switzerland.
In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on Geographical Indications after a gap of over eight years. So far 11 round of negotiations on the agreement have been held.