India, EU Reiterate To Conclude FTA Talks By 2025

New Delhi, May 2 (KNN) Resolving non-tariff barriers faced by businesses is a critical component of the ongoing free trade agreement negotiations with the European Union, according to an official statement released on Friday. 

This position was articulated during discussions between Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic in Brussels.

During the meeting, both parties reiterated their commitment to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. 

The Commerce Ministry statement highlighted India's position that "meaningful progress in trade negotiations requires an equal focus on Non-tariff Barriers (NTBs) alongside tariff discussions," emphasising that "regulatory frameworks must be inclusive, proportionate, and avoid restricting trade."

The two leaders agreed on the necessity of maintaining momentum in the negotiations through monthly rounds of talks and continued virtual engagement. 

In line with this commitment, the next round of negotiations is scheduled to take place from May 12-16 in India.

The proposed agreement aims to address contemporary aspects of international commerce, including support for digital transition and the promotion of diversified and resilient supply chains. 

Both sides expressed confidence that the agreement, once finalised, would enhance market access, support regulatory cooperation, and foster innovation and competitiveness for both economies.

The negotiations, which resumed in June 2022 after an eight-year hiatus, had previously stalled in 2013 due to disagreements over market access parameters. 

The current approach involves implementing the FTA in two distinct phases to facilitate progress.

(KNN Bureau)