New Delhi [India] May 2 (ANI): India and the European Union have reaffirmed their commitment to address pending issues regarding their ambitious proposed Free Trade Agreement (FTA) in the next round of negotiations scheduled to take place in New Delhi from May 12-16, an official statement said on Friday,

Union Minister of Commerce and Industry, Piyush Goyal and Maros Sefcovic, the European Commissioner for Trade and Economic Security, had met in Brussels and discussed the progress of discussions aimed at navigating global trade challenges and solidifying their resolve to achieve this significant milestone.

During the meeting, India stressed the importance of giving equal attention to non-tariff barriers (NTBs) alongside tariff negotiations to ensure meaningful progress. The meeting highlighted the progress achieved across various negotiating fronts. Both sides emphasised the critical need to maintain the current momentum through regular monthly negotiating rounds and continued virtual engagement.

The India-EU Free Trade Ag aspires to reflect the evolving dynamics of global commerce by actively supporting digital transition and promoting diversified and resilient supply chains.

The FTA agreement is expected to enhance market access, promote regulatory cooperation, and stimulate innovation and competitiveness for both Indian and European businesses.

In a social media post on 'X', Goyal said, 'Redefining the India-EU Partnership, In my highly productive dialogue with EU Commissioner for Trade and Economic Security @MarosSefcovic today, we reaffirmed our shared commitment to concluding the India-EU Free Trade Agreement negotiations by the end of 2025'

Statistically, in the fiscal year 2023-24, the total value of goods traded between India and the European Union reached USD 137.41 billion, with India exporting USD 75.92 billion and importing USD 61.48 billion.

The EU serves as a significant market for India, absorbing around 17 per cent of its total exports. Conversely, India accounts for approximately 9 per cent of the EU's total exports.

'In the spirit of India's emergence as a 'Vishwa Mitra'--a partner to the world--and aligning with its 2047 development goals, the India- EU FTA is seen as an instrument to promote diversified production networks and uphold fair trade principles,' the Commerce Ministry said in an official statement.

Both India and EU have reaffirmed their commitment to close FTA by the end of the year. (ANI)