New Delhi | India and the European Union (EU) are committed to a mutually beneficial, and ambitious free trade agreement (FTA) for the prosperity of businesses and people on both sides, Commerce and Industry Minister Piyush Goyal said on Sunday.

He also said that the EU is an important economic and strategic partner for India.

"We value our shared commitment to a mutually beneficial, ambitious India-EU FTA for the prosperity of our businesses and people," Goyal said in a social media post.

Welcoming EU Trade Commissioner Maros Sefcovic, he said, "pleased to agree that sustained and constructive engagement between us and our teams over the past year has brought us closer to a fruitful outcome".

Maros, who is visiting India with other offcials, said it will be his 10th in-person engagement with Minister Goyal.

"I'm confident to say we're nearing the conclusion of our FTA negotiations. The cumulation of an intense past year - likely my most frequent trade engagement - reflecting its importance," he said in a post on X.