European Commissioner for Trade Maros Sefcovic is expected to visit India next month to assess the progress of free trade agreement (FTA) negotiations with Commerce Minister Piyush Goyal, PTI reported citing an official on Wednesday. The visit is likely to coincide with the conclusion of the 13th round of talks, scheduled from September 8 in New Delhi.The upcoming round is considered crucial as both sides aim to finalise the negotiations by the end of this year. “Quite a bit of movement should be there in this round of talks,” the official said, adding that guidance from ministers may be needed to resolve remaining issues, as some matters may require a political decision.The 12th round of talks concluded in Brussels. India and the 27-nation EU bloc had resumed negotiations in June 2022 for a comprehensive FTA, an investment protection agreement, and a pact on geographical indications (GIs) after a gap of over eight years. Earlier, talks had stalled in 2013 due to differences over the level of market access.On February 28, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen agreed to seal the long-awaited free trade deal by the end of this year.The EU has demanded significant duty cuts in automobiles and medical devices, tax reductions on products including wine, spirits, meat, and poultry, and a strong intellectual property rights framework. Successful conclusion of the pact could make Indian exports such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery more competitive.The India-EU trade pact negotiations cover 23 policy areas, including Trade in Goods, Trade in Services, Investment, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defence, Government Procurement, Dispute Settlement, Intellectual Property Rights, Geographical Indications, and Sustainable Development.India’s bilateral trade in goods with the EU stood at $137.41 billion in 2023-24, with exports worth $75.92 billion and imports at $61.48 billion, making the EU India’s largest trading partner for goods. The EU accounts for about 17% of India’s total exports, while exports from the EU to India make up around 9% of its total overseas shipments.In services, bilateral trade in 2023 was estimated at $51.45 billion, highlighting the growing significance of the EU-India economic partnership.
