On the sidelines of the World Economic Forum (WEF), a meeting was held in Geneva between Indian Commerce and Industry Minister, Piyush Goyal, & European Union’s (EU) Executive Vice-President and Trade Commissioner, Valdis Dombrovskis, where the latter stated that proposed free trade agreement (FTA) negotiations with India will commence formally very soon. The proposed comprehensive free trade agreement between India & EU is officially named as Broad-based Trade and Investment Agreement (BTIA).
“Excellent meeting with Minister Goyal @PiyushGoyal from India. Will formally launch Free Trade Agreement negotiations very soon,” Dombrovskis tweeted. Indian Commerce Secretary, BVR Subrahmanyam, also mentioned in April that a long-awaited BTIA between India and 27 countries of EU will resume in June. EU and India’s trade negotiation has been on hold since May 2013.
Export to EU countries from India in merchandise in 2021-22 stood at about US$ 65 billion, and imports amounted to US$ 51.4 billion.
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