India-EU Free Trade Agreement Nears Completion: Piyush Goyal Confirms Framework Almost Ready

The high-level EU delegation included Commissioner Sefcovic.

Commerce and Industry Minister Piyush Goyal expressed confidence on Wednesday that India and the European Union are committed to concluding their Free Trade Agreement soon, though he avoided specifying a timeline.

"The air is pregnant with possibilities. While every agreement has many dynamics, I can say with certainty that both sides are committed to an early conclusion of the agreement. Whether it happens in months or next week, let us wait and watch," Goyal informed media representatives during the Pravasi Rajasthani Divas event in Jaipur.

Goyal mentioned that EU Trade Commissioner Maros Sefcovic spent two days in India meeting with him, Finance Minister Nirmala Sitharaman, and External Affairs Minister S Jaishankar.

The visiting EU delegation was comprised of Commissioner Sefcovic, Sabine Weyand (Director General DG Trade), Herve Delphin (EU Ambassador to India), Sofia Asteriadi (Deputy Head of Cabinet of Commissioner Sefcovic), Mate Kander (Assistant to Director General Weyand), Christophe Kiener (EU Chief Negotiator), Petros Sourmelis (Head of Trade Section, EU Delegation to India), and DG Trade India team members Luis Portero and Jorge Torres.

"His team was in India for around eight days. We had very detailed discussions. The framework for FTA with EU is almost ready. Our discussion was very fruitful. I hope we will finalise it soon," Goyal stated.

The minister attributed the growing international interest in trade agreements with India to Prime Minister Narendra Modi's decisive leadership, the country's robust democracy, and its position as the world's fastest-growing major economy.

"Today, the entire world is seeing that with 140 crore Indians' skills and a young population creating demand, India has become the centre of global attraction," he remarked.

Goyal emphasized that India produces 24 lakh science, technology, mathematics, and engineering graduates annually, making the country a prime destination for trade and investment.

Providing updates on other trade negotiations, Goyal mentioned that Chile's minister had visited recently with progress made toward an FTA. He noted that discussions with Israel were advancing, with both nations having appointed chief negotiators and formed negotiating teams.

"We hope the first phase of the FTA with Israel will be completed soon," he added.

The minister revealed that talks with Oman are in their final stages, while New Zealand's minister is expected to arrive soon as those negotiations approach completion.

"Italy's Deputy Prime Minister is coming tomorrow. This is India's picture today. This is India's potential. This is India's bright future," Goyal concluded.