India, EU agree to seal free trade pact by 2025-end

New Delhi: Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security, Maros Sefcovic, have reaffirmed their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025.

Both sides reiterated their aim to address pending issues in a spirit of mutual respect and pragmatism, including at the next round scheduled to be held from May 12-16 in New Delhi, according to an official statement issued on Friday after the meeting in Brussels.

This commitment builds on the strategic direction given by Prime Minister Narendra Modi and President of the European Commission, Ursula von der Leyen, during the landmark visit of the EU College of Commissioners to New Delhi in February this year, the statement said.

“In my highly productive dialogue with EU Commissioner for Trade and Economic Security Maros Sefcovic today, we reaffirmed our shared commitment to concluding the India–EU Free Trade Agreement negotiations by the end of 2025,” Goyal posted on X social media platform.

“As we advance in our negotiations, our focus is on enhancing market access for businesses, promoting trusted and diversified supply chains, and deepening our partnership to drive the growth of our economies,” the minister explained.

“We also discussed boosting innovation and competitiveness, and the critical role of investments and mobility in shaping a future-ready agreement,” he added.

Both India and EU, under the leadership of PM Modi and EU President, remain committed to working towards a mutually beneficial and strategic agreement for shared prosperity and sustainable development of our regions, said the Union Minister.

The high-level engagement underscores the strategic importance both partners attach to building a commercially meaningful, mutually beneficial, balanced, and a fair trade partnership that supports economic resilience and inclusive growth.

The meeting highlighted the progress made across multiple negotiating tracks and emphasised the importance of maintaining the ongoing momentum through monthly negotiating rounds and continued virtual engagement.

India said that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade.

The India-EU FTA aspires to reflect the evolving realities of global commerce by supporting digital transition, promoting diversified and resilient supply chains. Both sides expressed optimism that the agreement, once concluded, will serve as a transformative pillar of the broader India-EU strategic partnership, enhancing 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, the statement said.

IANS