In a significant development, India and the European Union (EU) have made substantial headway in their negotiations for a proposed free trade agreement (FTA), according to a government official. The update comes after Commerce and Industry Minister Piyush Goyal’s recent visit to Brussels, where he met with European Commissioner for Trade Maros Sefcovic to assess the progress of the talks.

While details of the discussions remain under wraps, the official expressed optimism about the advancement in the negotiations, stating, “Good progress is there on India-EU FTA. There is a significant progress in talks.”

The potential India-EU FTA aims to boost bilateral trade and investment by reducing tariffs and other trade barriers. The agreement is expected to have a significant impact on various sectors, including textiles, pharmaceuticals, and automobiles, among others.

Minister Goyal’s meeting with Commissioner Sefcovic was seen as a crucial step in pushing forward the negotiations, which were relaunched in 2022 after a nearly seven-year hiatus. The Indian government has been actively engaging with the EU to finalize the agreement, which is expected to increase India’s exports to the EU and attract more European investment in the country.

The development is a positive sign for India’s trade relations with the EU, which is one of the country’s largest trading partners. The successful conclusion of the FTA is expected to have far-reaching benefits for both economies, promoting economic growth, job creation, and increased competitiveness.

As the negotiations continue, industry stakeholders and experts are eagerly awaiting the final outcome, hoping that the agreement will bring about a new era of cooperation and economic collaboration between India and the EU.