India-EU FTA Progress Reviewed at G20 Meet, Says Piyush Goyal

The two officials discussed developments under the India-EU Trade and Technology Council, reform of the World Trade Organization and areas of common interest at the G20.

“Reviewed progress towards the signing and entry into force of the India-EU FTA,” Goyal said in a post on X following the meeting.

India and the European Union concluded negotiations for the trade agreement on January 27 this year, bringing an end to negotiations that had first begun in 2007 and were relaunched in 2022 after several years of stalled discussions.

The agreement moved closer to the implementation stage earlier this month after the European Commission submitted the negotiated text to the EU Council for authorisation to sign and conclude the pact.

The proposed agreement is expected to provide a framework for expanding trade and investment between India and the European Union.

Earlier in September, Minister of State for Commerce and Industry Jitin Prasada said the conclusion of the FTA after nearly 17 years of negotiations would create additional opportunities for Indian and European businesses.

Prasada also highlighted the role of technology transfer, domestic manufacturing and artificial intelligence in India's next phase of industrial development.

He had stressed that foreign companies investing in India should contribute to strengthening domestic manufacturing and technological capabilities, including through joint ventures and technology transfers.

The minister also underlined the importance of improving the quality of Indian products to meet international standards and support the expansion of exports.

He said wider adoption of artificial intelligence could contribute to higher productivity and lower production costs, particularly for micro, small and medium enterprises.

The discussions between Goyal and Sefcovic come as India and the EU work through the remaining steps towards the formal signing and implementation of their trade agreement, while continuing cooperation through the Trade and Technology Council.