Doha | Commerce Secretary Rajesh Agrawal will visit Brussels this week to meet European Commission Director General for Trade Sabine Weyand to give impetus to the ongoing negotiations on the proposed free trade agreement, Union Minister Piyush Goyal said on Tuesday here.
The Commerce and Industry Minister said "very" good discussions are going on between the EU and India in Brussels.
India is hoping to work together in a spirit of understanding each other's sensitivities so that the two sides can conclude an equitable, fair and balanced free trade agreement, he added.
The minister is here on a two-day official visit. He is leading a business delegation to discuss ways to boost trade and investment ties between India and Qatar.
"Once this round gets over, Commerce Secretary, Rajesh Agrawal Ji, will be going to Brussels to meet his counterpart, DG Sabine Weyand by the end of this week. After that, we will be working out what are the next steps," Goyal said.
When asked about the December deadline to conclude the negotiations, the minister said both sides will make every endeavour to meet the leaders' expectations and complete the negotiations before the end of the year.
He added that India's young, talented and skilled population is a great resource for the European Union.
"The innovation and technology base of the European Union holds tremendous potential for Indian businesses, and jointly, the EU and Indian companies can leverage each other's strengths so that we can serve the world together," he added.
The Indian team, led by Special Secretary in the Department of Commerce L Satya Srinivas is in Brussels for the 14th round of negotiations. The five-day talks began on October 6.
Goyal is also expected to visit Brussels on October 27-28.
The pact aims at boosting two-way commerce and investments. Both sides have targeted to conclude negotiations by December.
In June 2022, India and the EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after a gap of over eight years. It was stalled in 2013 due to differences on the level of opening up markets.
Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in other products like wine, spirits, meat, poultry, and a strong intellectual property regime.
Indian goods' exports to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through.
The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, trade in services, investment, sanitary and phytosanitary measures, technical barriers to trade, trade remedies, rules of origin, customs and trade facilitation, competition, trade defence, government procurement, dispute settlement, intellectual property rights, geographical indications, and sustainable development.
India's bilateral trade in goods with the EU was USD 136.53 billion in 2024-25 (exports worth USD 75.85 billion and imports worth USD 60.68 billion), making it the largest trading partner for goods.
The EU market accounts for about 17 per cent of India's total exports, and the bloc's exports to India constitute 9 per cent of its total overseas shipments.
In addition, the bilateral trade in services between India and the EU was estimated at USD 51.45 billion in 2023.
