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India has emphasised that resolving non-tariff barriers faced by businesses is as important as addressing import duty issues for meaningful progress in talks on the proposed free trade agreement with the European Union (EU), an official statement said on Friday.
The progress of the talks was discussed during the meeting between Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic in Brussels.
Both leaders also reaffirmed their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025.
"India emphasised that meaningful progress in trade negotiations requires an equal focus on Non-tariff Barriers (NTBs) alongside tariff (import duty) discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade," the commerce ministry said.
The country has earlier on multiple occasions flagged NTBs being faced by domestic industry in the European Union markets and urged to address the issue to boost trade.
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They also stressed the importance of maintaining the ongoing momentum of talks through "monthly" negotiating rounds and continued virtual engagement.
The next round of talks is scheduled from May 12-16 here.
It also said that the FTA aspires to reflect the evolving realities of global commerce by supporting digital transition and promoting diversified and resilient supply chains.
Both sides expressed optimism that the agreement, once concluded, will help enhance market access, supporting regulatory cooperation, and fostering innovation and competitiveness on both sides.
"Both sides acknowledged the crucial role of investment flows and people-to-people mobility in sustaining economic vitality," it added.
In June 2022, India and the 27-nation EU bloc resumed the negotiations after a gap of over eight years. It stalled in 2013 due to differences over the level of opening up of the markets. They are looking at concluding the FTA in two phases.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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