India-EU Free Trade Agreement Likely by Year-End, Says Piyush Goyal

India may soon finalise a Free Trade Agreement (FTA) with the European Union (EU), possibly before the end of this year. Commerce and Industry Minister Piyush Goyal shared this update on Sunday during his visit to Paris. He said that only a few issues remain unresolved, and both sides are working hard to meet the deadline. "There are not too many issues where we have divergence of opinions," Piyush Goyal told reporters. He explained that the two regions have economies that support each other. What benefits India does not harm the EU, and what the EU wants to offer can help India grow.

India and the EU had set a goal earlier this year to complete the FTA by the end of 2025. If the full agreement takes longer, both sides are open to signing an interim deal first.

Piyush Goyal said that India is not avoiding any topics in the discussions, including those related to sustainability and gender equality. He said India is taking a strong stand on both issues. However, he admitted that every trade relationship has some sensitive points, and both sides are trying to resolve them in a friendly manner.

India has raised concerns about certain EU rules, including the Carbon Border Adjustment Mechanism (CBAM), deforestation laws, and the Digital Product Passport. At the same time, the EU has also shared a few concerns about India’s trade policies. Piyush Goyal said all these matters are part of the talks, and the goal is to create a fair and balanced agreement.

On Monday, Piyush Goyal is set to meet EU Trade Commissioner Maros Sefcovic to review the talks and keep the momentum going. The FTA talks began in June 2022 and include 23 topics, such as trade in goods and services, customs rules, and dispute resolution. Other areas like government buying, intellectual property, and food systems may be discussed later if both sides agree to complete the deal in phases.