Is India-EU FTA Set for Acceleration? Piyush Goyal's Commitment to Stronger Trade Ties with Italy
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Synopsis
In a significant push for economic collaboration, Piyush Goyal emphasizes India's commitment to fast-tracking the India-EU FTA, while promoting stronger trade ties with Italy. Discover the exciting developments and opportunities for collaboration between these nations.
Key Takeaways
- India and EU are committed to expedite FTA completion.
- Collaboration in sectors like technology and space is a priority.
- IMEEC Corridor presents significant trade opportunities.
- Italy-India Joint Strategic Action Plan aims for mutual growth.
- Strengthening agriculture cooperation is on the agenda.
New Delhi, June 5 (NationPress) Union Commerce and Industry Minister Piyush Goyal on Thursday reaffirmed India’s dedication to expediting the India-EU free trade agreement (FTA).
While addressing the Italy-India Business Forum during his official visit to Italy, the minister shared that he has convened three meetings in under 35 days with Maros Sefcovic, the EU Commissioner for Trade and Economic Security.
“This reflects our mutual commitment to hastening the India-EU FTA,” he remarked to the audience.
Prime Minister Narendra Modi and President of the European Commission, Ursula von der Leyen, have concurred on accelerating the finalization of the India-EU FTA by year-end.
Goyal expressed his enthusiasm for speaking at the Italy-India Business Forum alongside Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Antonio Tajani.
“Our aim is to actualize the Italy-India Joint Strategic Action Plan 2025-2029. We highlighted the transformative prospects of the IMEC Corridor and the India-EU FTA. I also extended an invitation to Italian businesses to participate in India’s growth narrative,” Goyal mentioned in a post on X.
The discussions included a commitment to collaborate on ‘Industry 4.0’ for advanced manufacturing, fostering connections between startups, broadening technology partnerships, and establishing Joint Working Groups in sectors such as Space and Automobile.
“At the Joint Commission on Economic Cooperation, India and Italy have pinpointed multiple areas for enhancing collaboration, including a memorandum of understanding on agriculture,” Goyal stated.
India and Italy reiterated their resolve to strengthen economic relationships, emphasizing trade, joint ventures, and connectivity through the India-Middle East-Europe Economic Corridor (IMEEC).
During a joint press briefing, Tajani noted the “immense potential” for enhancing India–EU trade via the opportunities presented by IMEEC.
Tajani urged for deeper cooperation in fields such as space, technology, steel, and aluminium.
Point of View
The ongoing efforts by India and Italy to strengthen trade ties through the India-EU FTA reflects a strategic move towards enhancing economic collaboration and positioning in the global market. The focus on sectors like technology and manufacturing showcases India's commitment to innovation and growth.
NationPress
30/07/2025
Frequently Asked Questions
What is the India-EU FTA?
The India-EU FTA is a proposed free trade agreement aimed at reducing trade barriers and enhancing economic cooperation between India and the European Union.
What are the key sectors discussed in the recent forum?
Key sectors discussed include space, technology, steel, aluminium, and smart manufacturing.
How does the IMEC Corridor relate to trade?
The IMEC Corridor aims to enhance connectivity and trade routes between India, the Middle East, and Europe, boosting economic ties.
What is the role of the Joint Strategic Action Plan?
The Joint Strategic Action Plan outlines collaborative efforts between India and Italy to achieve mutual economic goals by 2029.
Who are the key figures involved in these discussions?
Key figures include Union Commerce Minister Piyush Goyal, EU Commissioner Maros Sefcovic, and Italian Deputy Prime Minister Antonio Tajani.
