India is looking to expedite the conclusion of negotiations with the EU by signing the trade deal in tranches

Informist New Delhi

Commerce and Trade Minister Piyush Goyal on Thursday sought Italy's support in taking forward the "mutually beneficial" India-European Union free trade agreement which will "open the doors for greater opportunity for businesses" of both countries.

"I can assure all of you present here that we are making rapid progress," Goyal said, speaking at the India-Italy Business Forum. "We had discussions as recently as two days ago in Paris where we engaged on finding the pathway for taking forward a very vibrant free trade agreement," he said.

India is looking to expedite the conclusion of negotiations with the EU by signing the trade deal in tranches. The two sides had resumed discussions in 2023 after a gap of nine years. The trade talks, which initially began in 2007, were later suspended due to differences over market access. "We are committed to beat the expectations of our leaders and are trying to do it much faster than the end of year," Goyal said at the India-Italy joint press briefing. 

INDIA-EU FTA

According to Goyal, active, extensive discussions are currently on to finalise a "well-balanced, fair, and equitable" free trade agreement between the EU and India, which will open up large opportunities for both sides. "It will recognise the potential areas of cooperation, make trade easier, help to reduce regulatory overburden, help to reduce non-tariff barriers on both sides," he said. 

Non-tariff barrier has been a primary hurdle in New Delhi's negotiation with Brussels, due to EU's Carbon Border Adjustment Mechanism, popularly called carbon tax or CBAM.