EU India FTA: India, EU close to finalising trade pact as talks near conclusion, Piyush Goyal hints at faster-than-expected finish​​

India and the European Union are 'really very near' to concluding their long-pending free trade agreement (FTA), Commerce and Industry Minister Piyush Goyal said on Tuesday, adding that only a few outstanding issues remain unresolved.“We are very close to finalising a very good, robust free trade agreement with the EU—faster than most people would imagine,” Goyal told reporters in Bern. He said both sides have agreed to respect each other’s sensitivities and avoid letting minor irritants derail progress, PTI reported.EU trade pact covers goods, services, investment, and GIsNegotiations between India and the 27-nation EU bloc resumed in June 2022 after an eight-year hiatus, covering 23 policy areas, including trade in goods and services, investment protection, geographical indications (GIs), dispute resolution, IP rights, and sustainability.

Talks had originally stalled in 2013 over disagreements on market access and regulatory frameworks.Prime Minister Narendra Modi and European Commission President Ursula von der Leyen agreed earlier this year to seal the deal by the end of 2025.EU is India’s largest trading partner in goodsIndia’s bilateral trade in goods with the EU stood at $137.41 billion in FY24, with exports worth $75.92 billion and imports at $61.48 billion. The EU accounts for 17% of India’s total exports and 9% of the EU’s exports go to India, underlining the strategic value of the trade relationship.Bilateral services trade was estimated at $51.45 billion in 2023, adding to the growing economic interdependence between the two economies.