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India said it looks forward to working with the European Union to turn the shared vision into reality through “balanced, equitable and meaningful trade” and a joint commitment to peace and prosperity.
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The official release followed talks between Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Šefčovič in Brussels during Goyal’s October 26–28 visit, as both sides continued efforts to finalise the long-pending free trade agreement, the statement added.The discussions followed directions from Prime Minister Narendra Modi and European Commission President Ursula von der Leyen during the College of Commissioners’ visit to New Delhi earlier this year.
India–EU trade talks gather pace
Negotiations which relaunched in 2022, have accelerated since US President Donald Trump’s re-election, with Brussels speeding up trade pacts with Mexico and the South American Mercosur countries and stepping up talks with India, Indonesia and the United Arab Emirates. The FTA between the two countries are also in focus after US has imposed a steep tariff on India impacting its imports.
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“We are working towards a balanced and equitable agreement that promotes transparent and predictable trade frameworks,” Goyal said, adding that the discussions were “productive and meaningful.”
The EU is India’s biggest trading partner in goods, with bilateral trade hitting $137.5 billion in the 2023/24 fiscal year, up nearly 90% over the past decade.
Talks focus on tariff lines, carbon levy and labour-intensive sectors
Both sides explored “possible landing zones” on outstanding issues and agreed to finalise non-sensitive industrial tariff lines. India stressed the importance of ensuring that the agreement addresses both tariff and non-tariff barriers while creating transparent and predictable regulatory frameworks to boost trade.
According to Reuters India also reiterated the need for preferential treatment for labour-intensive sectors such as textiles and leather, while flagging concerns over the EU’s carbon levy, known as the border adjustment mechanism, and new regulatory measures.
Reuters report noted that, Sefcovic said the talks reflected the “depth of political trust” between India and the EU and that both sides were “committed to finding fair solutions that strengthen trade and economic security.”