New Delhi: In a major boost to India’s global trade ambitions, Commerce Minister Piyush Goyal announced on Wednesday that negotiations for the free trade agreement with the European Union have entered their final phase. Speaking at a press conference, Goyal revealed that both sides are ironing out the last hurdles to seal the landmark deal, which promises to unlock billions in bilateral trade.
The development comes at a time when India is aggressively pursuing diversified trade partnerships amid global economic uncertainties. ‘We are in the endgame with the EU,’ Goyal stated confidently. ‘Intensive talks over the past months have bridged key gaps on market access, investment rules, and sustainability standards.’
Simultaneously, bilateral trade discussions with the United States remain on track. Goyal highlighted ongoing high-level engagements aimed at expanding market opportunities for Indian exports, particularly in pharmaceuticals, IT services, and agricultural products. ‘Our dialogue with the US is robust and forward-looking,’ he added.
Experts view these parallel negotiations as a strategic masterstroke. The EU deal could see India’s exports to the 27-nation bloc surge by over 30%, creating thousands of jobs in manufacturing and services. With the US, focus areas include reducing tariff barriers and enhancing supply chain resilience post-pandemic.
Goyal emphasized India’s firm stance on protecting sensitive sectors like dairy and agriculture during talks. ‘We will not compromise on our farmers’ interests,’ he assured. The minister also outlined plans to fast-track implementation once agreements are inked, targeting operationalization within the next fiscal year.
As India positions itself as a counterweight to China’s dominance in global trade, these deals signal a new era of economic diplomacy. Stakeholders from industry chambers to export councils have welcomed the updates, urging swift closure to capitalize on recovering global demand. With momentum building, 2024 could mark a watershed year for India’s trade portfolio.