Commerce Minister Piyush Goyal met with EU officials in Mumbai to discuss a Free Trade Agreement (FTA) ahead of the 10th round of negotiations in Brussels. Goyal’s upcoming visit to the U.S. aims to strengthen bilateral trade ties and negotiate a multi-sector Bilateral Trade Agreement. India is actively engaging with major economies to finalize trade deals by the fiscal year-end.
Commerce Minister Piyush Goyal convened with a delegation from the European Union in Mumbai, prior to his upcoming visit to the United States. This meeting was intended to advance discussions on a proposed Free Trade Agreement (FTA) between India and the EU, setting the groundwork for the upcoming 10th round of negotiations scheduled for March 10-14 in Brussels. Officials noted that India is concurrently engaged in trade talks with three developed economies, enhancing its global trade strategy.
During the discussions in Mumbai, Mr. Goyal and EU Trade Chief Maros Sefcovic addressed the framework of the India-EU FTA, emphasizing the aim for an agreement that is balanced and mutually beneficial. Goyal expressed optimism through a social media post, stating, “Had a productive meeting with EU Commissioner for Trade & Economic Security @MarosSefcovic… Looking forward to deepening economic ties and fostering a prosperous India-EU partnership.”
In his ongoing trade initiatives, Goyal is also preparing for crucial bilateral discussions with the United States, following his departure to America. He is set to meet with U.S. Trade Representative Jamieson Greer to work towards developing a multi-sector Bilateral Trade Agreement (BTA), which aims to establish a framework agreed upon by leaders of both nations.
With the potential for formal trade negotiations between India and the U.S. on the horizon, the discussions are expected to address key sectors, including industrial and agricultural goods, as part of a $500 billion bilateral trade roadmap. Additionally, Goyal intends to meet with U.S. Commerce Secretary Howard Lutnick to explore trade facilitation measures.
India’s strategic positioning as a growing economy underscores the importance of securing comprehensive trade agreements with major economies, including the EU and UK. The Indian commerce ministry continues to coordinate with relevant departments to ensure that these negotiations are successful.
Officials indicated that all three major economies— the U.S., EU, and UK— are striving to finalize trade agreements with India within the current fiscal year. Historically, discussions for a mini-trade deal between India and the U.S. were significant during President Trump’s term but were halted under President Biden’s administration. With recent figures indicating a growth in bilateral trade, with India exporting $59.93 billion in goods to the U.S. and importing $33.40 billion, the prospects for future negotiations appear promising.
In summary, Piyush Goyal’s recent meetings with EU and upcoming talks with U.S. officials mark a significant step for India in its pursuit of comprehensive trade agreements with major global economies. The focus on balanced FTAs aims to enhance economic ties with the EU and set the stage for promising negotiations with the U.S. and UK, reflecting India’s strategic importance in the global trade landscape.
Original Source: www.hindustantimes.com
