India’s trade agreement with EU will be likely signed next year: Commerce Minister

The Free Trade Agreement (FTA) between both parties will likely happen in June after a gap of nine years

May 9, 2022

Three rounds of negotiations with the UK have already taken place, with a fourth one scheduled to happen soon: Commerce Minister

India has already secured FTAs with the United Arab Emirates and Australia

On May 26-27, the commerce minister will meet with UK representatives

The FTAs will increase job creation across the countries involved: Commerce Minister

India and the European Union (EU) are expected to sign a free trade agreement next year, according to commerce and industry minister Piyush Goyal. The FTA between both parties will likely happen in June, after a nine-year hiatus.

Minister Goyal said that three rounds of negotiations with the UK have already taken place, with a fourth one scheduled to happen soon, in an event organized by the Indian Merchants’ Chamber (IMC) Chamber of Commerce. On May 26-27, the minister will meet with UK representatives. 

The EU had asked India to eliminate or reduce import tariffs on sensitive items like vehicles, alcoholic beverages, and dairy products. India on the other hand, requested larger access to the EU market for the country’s qualified professionals.

India has already secured an FTA with the United Arab Emirates, and another one with Australia. It is also negotiating FTAs with the United Kingdom, Canada, and the Gulf Cooperation Council (GCC). According to the minister, the FTAs will increase job creation across the countries involved.

Recently, minister Goyal lead the India-Italy Business Roundtable, with Italy’s foreign minister Luigi Di Maio in Delhi.