Commerce Minister Piyush Goyal met European Trade Commissioner Maros Sefcovic and reviewed the progress towards signing the India-EU Free Trade Agreement.
Goyal met Sefcovic on the sidelines of the G20 Trade Ministers’ meeting in Milwaukee on Wednesday.
“Good meeting my friend, Mr. @MarosSefcovic, European Commissioner for Trade and Economic Security, on the sidelines of the G20 Trade Ministers’ Meeting,” Goyal said in a post on X.
The minister said he and Sefcovic reviewed progress towards the signing and entry into force of the India-EU FTA.
“Also exchanged views on progress under the India-EU Trade and Technology Council, meaningful WTO reform and shared G20 priorities,” Goyal said.
India and the EU concluded the free trade agreement in January this year, almost two decades after launching the initial negotiations in 2007.
On September 11, the European Commission formally requested the Council of the European Union to authorise the signing and conclusion of the India-EU Free Trade Agreement.
The India-EU FTA, dubbed the “mother of all deals” by leaders on both sides, is expected to be signed later this year and implemented in early 2027.
On becoming effective, the FTA is expected to expand market access, reduce tariffs, address non-tariff barriers, and establish more predictable rules governing trade and investment between the two economies.
The EU and India currently exchange goods and services valued at more than 180 billion euros annually.
-PTI
