India and the European Union (EU) have reaffirmed their commitment to the early conclusion of ongoing Free Trade Agreement (FTA) negotiations between the two sides.
Union Commerce and Industry Minister Piyush Goyal on Tuesday said that Free Trade Agreement (FTA) negotiations between India and the European Union are in an advanced stage, as the two sides are making significant progress.
The ToR was signed by Additional Secretary, Department of Commerce, Government of India, Ajay Bhadoo, and Deputy Director, Trade Policy Department, Eurasian Economic Commission (EEC), Mikhail Cherekaev, the commerce ministry said in the statement.
The Ambassador of Peru to India, Javier Manuel Paulinich Velarde, expressed his optimism about concluding negotiations related to the Free Trade Agreement (FTA) between India and Peru by the end of 2025, or at the latest by early 2026.
Muizzu said that the visit was fruitful, as they witnessed the exchange of four MoUs and three agreements in vital areas, and announced the launch of FTA negotiations.
Rajesh Agrawal, Special Secretary, Department of Commerce, emphasised the significance of India's ongoing and past Free Trade Agreement (FTA) negotiations in enhancing India's participation in global value chains.
The discussions, which took place during Goyal's three-day official visit to France, also reviewed the progress of the India-EU Free Trade Agreement (FTA) negotiations, signalling a strong intent to bolster bilateral ties amidst a shared commitment to innovation and economic growth.
While facing a challenge from the United States regarding tariffs on steel and aluminium, the Global Trade Research Initiative (GTRI) suggests that India should opt for a more "pragmatic route" by using the ongoing bilateral Free Trade Agreement (FTA) as a tool for negotiations with the US.