New Delhi, 12 September (IANS). Union Commerce and Industry Minister Piyush Goyal on Friday met the European Union Agriculture and Food Commissioner Christof Hansen and the Trade and Economic Security Commissioner Maros SEFCVV as well as other officials of the European Union delegation. The meeting took place under efforts to ensure a comprehensive Free Trade Agreement (FTA).
Goyal said, “We are committed to obtain a balanced and mutually beneficial FTA, open new routes for businesses and maximize the opportunities for shared development of India and European Union.”
In a post on X on the 13th round of the India-European Union FTA talks, Goyal said, “With the continuation of India-European Association FTA negotiations, we reiterated our shared commitment to its early completion. A balanced and mutually beneficial FTA will open new opportunities for people and businesses of both sides.”
He added, “Both India and the European Union will benefit immensely from the free trade agreement we are trying to achieve.”
During recent meetings, India has emphasized that for meaningful progress in business talks, it is necessary to pay equal attention to tariff discussions as well as non-tariff barriers (NTBs). Also, the regulatory structure should be inclusive and proportional and avoid restricting business.
Both sides have finalized 11 chapters, including customs, trade ease, digital trade and capital movement, but there are still significant differences over tariffs on products such as the rules, market access and wine and dairy.
The European Union is the largest trading partner in India, whose bilateral goods trade has reached $ 135 billion in 2023-24. The 13th round of FTA talks will be in New Delhi this week, after which there will be another round in Brussels.
Speaking at the Automotive Component Manufacturers Association of India (ACMA) program, Goyal expressed confidence of the proposed FTA being beneficial for the auto industry.
The minister said, “I am confident that the arrangements we presented to the auto industry will be very attractive, exciting and effective, which will develop each of your business, cooperate with partners in Europe and other parts of the world, and innovation, research and development will be promoted in India.”
Meanwhile, Foreign Secretary Vikram Egypt also met the Delegation of the European Union’s political and security committee (PSC) delegation (PSC) delegation on Friday.
In a post on X, Foreign Ministry spokesperson Randhir Jaiswal said, “Foreign Secretary Vikram Egypt today met the European Union’s Political and Security Committee (PSC) delegation (PSC) delegation, who came on his first visit to Asia.
-IANS
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