Piyush Goyal Heads to Brussels for Talks on India-EU FTA and Trade Enhancement
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Synopsis
Union Minister Piyush Goyal is set to visit Brussels from January 18-20 to engage in high-level discussions aimed at strengthening trade and investment ties with the European Union. Key topics include the India-EU FTA negotiations and bilateral trade matters.
Key Takeaways
- Piyush Goyal's visit underscores India's focus on EU trade ties.
- Discussions will include FTA negotiations and economic security.
- EU is a major source of FDI for India.
- Political guidance is needed to advance FTA talks.
- Trade agreement to diversify India's exports.
New Delhi, Jan 18 (NationPress) To further enhance trade and investment relations with the European Union (EU), Union Minister of Commerce and Industry Piyush Goyal is scheduled to visit Brussels, Belgium for a high-level discussion.
The discussions with Maros Sefcovic, the Commissioner of the European Commission for Trade and Economic Security, will cover extensive topics concerning the India-EU Free Trade Agreement (FTA) negotiations, the Trade and Technology Council framework, and various bilateral trade issues, as per the Ministry of Commerce and Industry.
This three-day trip from January 18 to 20 emphasizes the significance India places on its trade and investment connections with the EU, which is one of its major trading allies, with bilateral trade projected to exceed $180 billion in 2023-2024.
The EU also serves as a vital source of foreign direct investment (FDI), amounting to an estimated $117.34 billion.
The ministry indicates that the leaders will address the global economic landscape amid trade disruptions, provide political guidance to accelerate the FTA negotiations, and seek a commercially rewarding, balanced, and equitable FTA that benefits both parties.
Additionally, the Union Minister is anticipated to meet with Dr. Ngozi Okonzo-Iweala, the Director General of the World Trade Organisation (WTO), Bernard Quintin, the Minister of Foreign Affairs, European Affairs and Foreign Trade of Belgium, and engage with representatives from Belgian industry and the Indian community.
In December of the previous year, Goyal emphasized India's intention to pursue a balanced, comprehensive, and mutually advantageous FTA with the EU.
During a meeting in New Delhi with Ambassadors from the European Commission delegation, the minister discussed the increasing closeness and flourishing trade between India and the EU.
The FTA discussions, after nine rounds of rigorous engagement, require political direction to achieve a commercially significant agreement while acknowledging each other's sensitivities, he noted.
The trade agreement with the EU would enable India to further expand and diversify its exports of goods and services while safeguarding value chains.
