Piyush Goyal Calls For Removal Of Trade Barriers To Fast-Track India-EU FTA

(MENAFN- KNN India) New Delhi, Apr 14 (KNN) Union Commerce Minister Piyush Goyal emphasised the necessity of eliminating existing trade barriers to accelerate discussions and finalise a Free Trade Agreement (FTA) between India and the European Union.

Speaking at the 'Italy-India Business, Science and Technology Forum', Goyal highlighted the importance of understanding the hurdles that have delayed the agreement, noting the significant potential to build on the current bilateral trade volume of USD 15 billion.

"I believe concrete steps need to be taken to expedite the conclusion of the FTA between India and the EU. This will require both the EU, its member states, and India to work in a spirit of cooperation, building mutual trust and a deeper understanding of the trade barriers that are holding back the agreement," Goyal stated.

The Commerce Minister also emphasised the importance of enhancing investment between India and Italy, adding that businesses on both sides should be able to trade without obstacles.

Goyal's remarks follow a meeting in Delhi last month between Prime Minister Narendra Modi and European Commission President Ursula von der Leyen, where both leaders agreed to accelerate efforts to finalise the FTA by the end of the year.

Von der Leyen's visit took place amid proposed tariff hikes by US President Donald Trump-currently paused until July 9 for countries other than China-under his 'America First' policy, which has contributed to global trade uncertainty.

During their meeting, PM Modi and the EU Commission President instructed their respective negotiating teams to pursue a balanced, ambitious, and mutually beneficial agreement.

Both sides committed to improving market access and removing trade barriers, while also advancing discussions on an Investment Protection Agreement and an Agreement on Geographical Indications.

The EU remains India's largest trading partner, with goods trade valued at EUR 124 billion in 2023, representing 12.2 per cent of India's total trade.

(KNN Bureau)

MENAFN14042025000155011030ID1109428401