Aiming for 'meaningful' deal with India, says EU trade commissioner

Days ahead of the next round of negotiation, India and the European Union (EU) are working together to firm up a ‘commercially meaningful’ trade deal, which will open up markets for goods and services, Maroš Šefčovič, commissioner of the European Commission for Trade and Economic Security, said on Thursday.

 

The 11th round of negotiation of the India-EU trade deal is scheduled to begin in New Delhi on May 12, as both sides have agreed to accelerate efforts to advance the negotiations.

 

“Glad to host Minister — and my friend — Piyush Goyal. In today’s uncertain times, our businesses are looking for opportunity, access, and predictability. And that's exactly what we’re working to deliver: a commercially meaningful deal, opening up markets for goods and services,” Šefčovič said on X.

 

 

Earlier this year, both sides decided to set an ambitious deadline to sign the long-pending free trade agreement (FTA) by end-2025. 

 

Commerce and industry minister Piyush Goyal is currently on a five-day visit to the European cities of London, Oslo, and Brussels to boost trade and investment ties with the nations.

 

One of the key areas of discussion in the three visits has been on FTAs. During Monday–Tuesday, Goyal met his British counterpart to fix pending FTA issues and give a final push to the long-pending trade deal between India and the United Kingdom (UK).

 

One of the key areas of discussion during Goyal’s visit to Oslo, Norway, was also regarding the implementation of the trade deal with European Free Trade Association (EFTA) nations. EFTA nations include Iceland, Liechtenstein, Norway, and Switzerland. The pact, also known as the Trade and Economic Partnership Agreement (TEPA), was signed in March last year.