Piyush Goyal has always reiterated the importance of mutual respect and sensitivity in FTA negotiations for both India and EU.
Commerce and Industry Minister Piyush Goyal co-chaired a delegation-level meeting with the European Union (EU) Commissioner for Trade and Economic Security, Maros Sefcovic, to strengthen bilateral trade relations on Saturday in Brussels. The discussions focused on advancing negotiations for a comprehensive Free Trade Agreement (FTA) between India and the EU.
Both sides reviewed progress on the long-anticipated deal, which aims to enhance market access and address key trade barriers across sectors. In a statement following the talks, Goyal emphasized the importance of achieving a “fair, balanced, and equitable” agreement that would bolster economic ties between the two regions. “Engaged in productive discussions, reviewing bilateral trade ties and the progress of the India-EU FTA, and the Trade and Technology Council (TTC),” Goyal wrote on social media platform X, formerly known as Twitter.
This was the first in-person meeting between the two leaders, subsequent to the introductory video conference held in December 2024.
Both the countries agreed to conclude the FTA negotiations soon, underscoring the mutual benefits of a strengthened trade relationship. Goyal said, "Agreed to fast-track FTA talks & enhance supply chain resilience."
India and the EU’s trade ties have grown significantly in recent years, with the EU emerging as one of India’s largest trading partners, with bilateral trade estimated at over US$180 billion in 2023-2024. At the same time, the EU is also a significant source of Foreign Direct Investment, with total FDI estimated at US$ 117.34 billion.
However, despite being a string trade partner, FTA negotiations have faced headwinds. India and the EU began FTA negotiations in June 2022. Despite several rounds of intense rounds of talks, progress has been slow.
Goyal has always reiterated the importance of mutual respect and sensitivity in negotiations for both India and EU and been vocal about not linking “extraneous” issues such as labour and climate change to trade discussions.
Speaking last October at the Asia-Pacific Conference of German Business, Goyal underscored that topics like climate action and labor standards should be addressed at broader international platforms, rather than being embedded in bilateral trade agreements.
The Minister had also made clear that India’s dairy sector—a politically sensitive and heavily protected industry—remains a non-negotiable point. “There would be no pact if the EU insists on opening the dairy sector,” Goyal said, reflecting a firm stance on protecting the livelihoods of millions of small-scale farmers in India.