India Flags Barriers to Trade in EU Market Urging Resolution Ahead of FTA Talks

New Delhi, Dec 20 (KNN) India has raised concerns about the non-tariff barriers hindering domestic industry access to European Union (EU) markets, urging the need for urgent resolution.

The issue was discussed during a virtual meeting between India’s Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic on Thursday evening.

In the meeting, Minister Goyal highlighted the significant obstacles posed by these non-tariff barriers, which he noted have been impeding trade between the two regions.

The commerce ministry’s official statement emphasised that addressing these long-standing issues would be crucial for building confidence and facilitating smoother trade flows.

Goyal stressed that overcoming such barriers would foster stronger bilateral economic ties, paving the way for future collaboration.

The meeting also addressed the progress of the proposed Free Trade Agreement (FTA) between India and the EU. Both sides expressed a commitment to exploring a balanced, equitable, and ambitious agreement that would be mutually beneficial.

Following nine rounds of intensive negotiations, the discussions have reached a critical point, and both parties agreed that the FTA talks now require strategic political guidance to conclude successfully.

The ministry stressed that achieving a commercially significant and mutually beneficial agreement would require careful consideration of the sensitivities on both sides.

With the FTA discussions ongoing, the key focus remains on overcoming non-tariff barriers and ensuring that the agreement supports economic growth for both regions.

The proposed FTA aims to enhance trade by removing barriers and improving market access, with the ultimate goal of strengthening economic relations and creating more opportunities for businesses and consumers in India and the EU.

As negotiations continue, resolving trade challenges remains a priority for both sides to unlock the full potential of their partnership.

(KNN Bureau)