FM Sitharaman, EU team discuss ways to enhance trade and investment ties

New Delhi, Oct 29 Finance Minister Nirmala Sitharaman on Wednesday met a delegation of members of the Committee on International Trade Affairs (INTA) from the European Parliament here to further enhance India–EU trade and investment ties.

The meeting is crucial amid the India-EU FTA talks as the EU technical team, led by Director General for Trade Sabine Weyand, will visit India next week with the objective of achieving a "constructive conclusion based on the potential solutions identified over the past two days" after productive meetings with Commerce Minister Piyush Goyal in Brussels.

According to a Ministry of Finance statement, the EU delegation’s meeting with FM Sitharaman "focused on enhancing India–EU trade and investment ties, with both sides looking forward to deeper and mutually beneficial cooperation".

The delegation discussed trade, economic and investment relations between the EU and India. The main objective of this visit is to contribute to increasing mutual understanding amid intensive trade negotiations between the EU and India.

"The mission is timely, taking place just a few months ahead of the deadline to conclude negotiations for a Free Trade Agreement by the end of 2025. We look forward to discussing the issues at stake as both sides have a mutual interest in reaching a meaningful bilateral agreement and in protecting the rules-based multilateral trade order," according to an earlier official statement.

INTA members held various meetings at both ministerial and parliamentary levels. The International Trade Committee has been carefully scrutinising the negotiations between the EU and India to date, and any agreement reached would be subject to the consent of the European Parliament.

To advance the ongoing free trade agreement (FTA) negotiations, the EU technical team, led by Director General for Trade Weyand, will visit India next week with the objective of achieving a "constructive conclusion based on the potential solutions identified over the past two days", an official statement said on Wednesday.

Goyal, who visited Brussels from October 26-28, had productive and meaningful engagements with European Commissioner for Trade and Economic Security Maros Sefcovic and his team on outstanding issues related to the ongoing India-EU FTA negotiations.

The engagement focused on achieving a mutually beneficial, balanced and equitable trade agreement, reflecting the depth of political trust and the strategic ties between India and the European Union, and at the same time respecting each other's sensitivities and priorities.

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