Indo-EU Trade

The free trade agreement between India and the 27-nation bloc EU will be the "mother of all deals", Commerce and Industry Minister Piyush Goyal said on Friday. He also said that the proposed agreement will be a good and mutually beneficial trade pact. "This will be the mother of all deals," Goyal told reporters here. He also said that the bilateral trade between the two sides is reasonably balanced in goods and services. It will also be a "super deal" for Indian export sectors, he added. Commerce Secretary Rajesh Agrwal on Thursday said India and the EU are "very close" to concluding negotiations on the proposed free trade agreement (FTA). He said the discussions are underway to resolve remaining issues so that the deal is ready for announcement during the visit of top EU leadership later this month. The government has finalised seven trade agreements since 2014.

European Union Ambassador to India Herve Delphin on Wednesday said that there is "strong political commitment" from both sides to conclude the revamped India-EU Free Trade Agreement by the end of 2025. Of the 23 chapters under discussion, 11 have already been closed. Important chapters still under negotiation include market access for cars, steel, some aspects of services and investment and technical barriers to trade, Ambassador Delphin said. "No doubt, there is a strong political commitment to conclude the FTA negotiations by the end of the year," he added. Herve Delphin stated that a 40-member EU negotiator team is arriving in Delhi this week to resolve lingering hurdles. Current bilateral goods trade stands at approximately USD 136 billion, making the EU India's third-largest trading partner after the US and China. Delphin emphasised that the agreement is WTO-compatible and not a zero-sum game. EU and India combined represent 25 per cent of world GDP and 25 per cent of global

The European Union seeks concessions from India, tolerating ties with Russia and oil export; now India must reciprocate, avoiding unnecessary moves that would further strain EU's trust

Finalising a trade deal with the trade bloc has been a key priority for New Delhi, and it has now become even more critical

Union ministers, CMs, economists to attend

According to the European Commission, EU exports of such technology affected by India's violations is up to €600 million annually, which is significant

In June, they urged the WTO's dispute settlement body to mutually defer an appeal, which was pushed by 180 days - in two tranches of 90 days, each

Starting from October 1, the carbon border adjustment mechanism (CBAM) will be applicable to exports of cement, iron and steel, aluminium, fertilisers, and hydrogen to the EU

India and the EU had in April last year agreed to establish a "Trade and Technology Council", to tackle the challenges at the nexus of trade, trusted technology and security

Ministerial meet of Council to be held within two weeks

India and the European Union agreed to establish a Trade and Technology Council early this week. What it is and what both sides will gain from it, watch this report to know more.

EU vice-president Jyrki Katainen said the lack of a suitable agreement in place of the earlier treaties was a serious concern