India and EU keen on expediting FTA negotiations

Union Commerce and Industry Minister Piyush Goyal and European Commission Executive Vice-President and European Commissioner for Trade Valdis Dombrovskis have emphasised the need for expediting the ongoing India-EU free trade agreement (FTA) negotiations by finding convergence on all issues.

The two leaders held bilateral meeting on the sidelines of the first Ministerial meeting of India-European Union Trade and Technology Council (TTC).

The meeting was also attended by senior officials from both sides. They recalled the longstanding partnership between the two sides and underlined the need of working together to deepen the association given their commitment to democracy and rule-based international systems.

Finding convergence

A Ministry of Commerce and Industry release said they “emphasised the need for expediting the ongoing FTA negotiations by finding convergence on all issues” after due consideration to mutual sensitivities including on market access for balanced and meaningful outcomes that would support the economies and employment on both sides.

The release said both sides also affirmed their commitment to work together on common priorities for WTO reforms including issues pertaining to dispute resolution mechanism, subsidies on agriculture and fisheries, ecommerce moratorium as well as domestic legislations.

Both sides recognised the need to build on their common goals to pursue consensus-based solutions that would support the livelihoods and food security for millions in India as well as in large parts of the developing world. They expressed hope that their joint efforts would enable finding meaningful solutions in the upcoming WTO Ministerial Conference.

This meeting was followed by a meeting of the Working Group 3 Stakeholders co-chaired by Piyush Goyal and Valdis Dombrovskis.

The meeting included stakeholders representing India and the EU. Working Group 3 focuses on trade, investment and resilient supply chains.