The negotiations for the proposed Free Trade Agreement (FTA) between India and the European Union have concluded with significant progress on key pathways. The Ministry of External Affairs of India (MEA) announced that the parties are currently conducting legal and procedural reviews before setting a formal date for signing the agreement.
Emphasis on Swift Cooperation
In response to questions about a specific date for signing the agreement in December, MEA spokesperson Randeep Jaiswal emphasized that the review of the technical text is still ongoing and both leaderships are keen on completing this process swiftly. Jaiswal stated in his bi-weekly press briefing: "As previously mentioned, the main negotiation pathways have completed significant work, and the legal and procedural review of the text is underway."
He added: "Both leaderships have expressed their determination to complete the remaining formalities without delay." Regarding the official timeline for the signing ceremony, the Ministry of External Affairs assured that details will be released after all procedural protocols are completed.
Previous Steps in Negotiations
Earlier this month, Piyush Goyal, India's Minister of Commerce and Industry, announced that he met with Maroš Šefčovič, the European Commissioner for Trade and Economic Security, on the sidelines of the G20 Trade Ministers' meeting. The purpose of this meeting was to assess the ongoing progress regarding the formal signing and final implementation of the India-EU agreement.
Goyal also stated that both sides discussed the progress of cooperation achieved through the India-EU Trade and Technology Council and the necessary structural reforms in the World Trade Organization. He wrote in a post on the social media platform X: "We reviewed the progress regarding the signing of the India-EU Free Trade Agreement."
India and the European Union concluded comprehensive negotiations for this trade agreement on January 27 of this year. This agreement resumed after tough negotiations that began in 2007 and faced a long pause in 2022.
The agreement made further progress earlier this month when the European Commission transferred the text of the agreement to the Council of the European Union to obtain signing authorization. This announcement followed the resumption of negotiations in 2022, aimed at establishing a comprehensive and balanced trade partnership between India and the European Union.
The proposed agreement is significant as economic relations between the two regions are growing. In 2024-25, bilateral goods trade between India and the EU reached $136.54 billion, with India's exports to this bloc valued at $75.85 billion and imports valued at $60.68 billion. Additionally, services trade between the two parties reached $83.10 billion in 2024.
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