NEW DELHI: India and the European Union have concluded the 11th round of negotiations on their proposed Free Trade Agreement (FTA), reportedly agreeing to pursue a two-stage approach to finalise the deal, an official source, quoted by news agency PTI confirmed on Sunday.“The 11th round of talks concluded on May 16,” the official said, quoted by news agency PTI. This comes amid rising global trade uncertainties, particularly in light of US tariff policies under President Donald Trump. In response, both sides have opted for a phased strategy, similar to India’s previous trade pacts with Australia and ongoing discussions with the US.Negotiators focused on key areas such as market access for goods, services, and investment. Commerce Secretary Sunil Barthwal had earlier explained the rationale behind the phased approach, saying, “If some of the issues which may not be very core to the trade, maybe taking some more time, then it is better to focus on core trade issues. So, we say that first things first…We are also discussing with the EU what can be the early harvest of the first tranche, where we can do faster.“The EU has sought significant tariff reductions on products including automobiles, medical devices, wines, spirits, meat, and poultry, as well as stronger intellectual property protections.A successful agreement is expected to enhance India’s export competitiveness to the EU in sectors like ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery.Commerce and Industry minister Piyush Goyal reviewed progress during his visit to Brussels on May 1. Talks resumed in June 2022 after an eight-year hiatus, following a breakdown in 2013 over market access concerns.Prime Minister Narendra Modi and European Commission President Ursula von der Leyen committed on February 28 to conclude the agreement by the end of 2025.The negotiations span 23 policy areas, including trade in goods and services, investment protection, customs procedures, technical barriers, intellectual property rights, and sustainable development.In 2023–24, EU-India bilateral goods trade stood at $137.41 billion, with Indian exports valued at $75.92 billion and imports at $61.48 billion- making the EU India’s largest trading partner in goods. The EU accounts for around 17 per cent of India’s total exports, while exports to India represent 9 per cent of total EU overseas sales.In addition to the FTA, talks continue on a bilateral investment protection agreement and recognition of geographical indications (GIs).
