Goyal to meet EU Trade Commissioner on FTA in Brussels

New Delhi: Commerce and Industry Minister Piyush Goyal will hold discussions in Brussels with Commissioner of the European Commission for Trade and Economic Security Maros Sefcovic from January 18-20 on the proposed free trade agreement between the two, an official statement said on Friday.

On the sidelines, the minister is also expected to meet World Trade Organization (WTO) chief Ngozi Okonzo-Iweala, and Belgian Trade Minister Bernard Quintin.

During the visit, Goyal and Sefcovic are expected to hold wide-ranging discussions on India-European Union (EU) Free Trade Agreement (FTA) negotiations, undertake a stocktake of the Trade and Technology Council framework, and take up bilateral trade matters.

“The leaders are expected to discuss the global economic situation amidst trade disruptions, give political directions to expedite the FTA negotiations, and explore a commercially significant, balanced, equitable, ambitious, and mutually beneficial FTA,” the commerce department said in a statement on Friday.

 The meeting assumes significance since India and the EU began FTA negotiations in June 2022, and despite nine intense rounds of negotiations, progress has been marginal due to fundamental differences. An assessment of the negotiations is now pending at a political level.

 Goyal and Sefcovic are also expected to undertake a stocktake of the Trade and Technology Council (TTC) framework and address bilateral trade matters.

The trade bloc is one of India’s largest trading partners, with bilateral trade estimated at over $180 billion in 2023-2024. At the same time, the EU is also a significant source of Foreign Direct Investment (FDI), with total FDI estimated at $117.34 billion, the commerce department said. 
On the sidelines, Goyal is also expected to meet Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), Bernard Quintin, Minister of Foreign Affairs, European Affairs, and Foreign Trade of Belgium, apart from holding interactions with representatives of Belgian industry and the Indian community.

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