India-EU FTA: Progress on trade deal and tech council reviewed, says Piyush Goyal

Milwaukee: Union Commerce and Industry Minister Piyush Goyal on Thursday said that he met European Commissioner for Trade and Economic Security Maros Sefcovic on the sidelines of the G20 Trade Ministers' Meeting here and reviewed progress towards the signing and entry into force of the India-EU free trade agreement (FTA).

Goyal said the two sides also exchanged views on progress under the India-EU Trade and Technology Council, reform of the World Trade Organisation (WTO) and shared priorities at the G20.

"Reviewed progress towards the signing and entry into force of the India-EU FTA," Goyal said in a post on X after the meeting.

India and the European Union concluded negotiations for the trade pact earlier this year on January 27 after negotiations that began in 2007 and were relaunched in 2022 following a prolonged period of stalled talks.

The agreement took another step forward earlier this month when the European Commission submitted it to the EU Council for authorisation for signature and conclusion.

Earlier in September, Minister of State for Commerce and Industry Jitin Prasada had said the India-EU FTA was concluded after nearly 17 years of negotiations and would support greater opportunities for trade and investment.

Prasada had also said technology transfers, local manufacturing and artificial intelligence would play an important role in India's next phase of industrial growth.

He had stressed the need for foreign companies investing in India to contribute to domestic manufacturing and technological capabilities, including through joint ventures and technology transfers.

The minister had also highlighted the importance of improving the quality of Indian products to meet global standards and expand exports.

He said wider adoption of artificial intelligence could help improve productivity and reduce production costs, particularly for micro, small and medium enterprises.

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