India and the European Union today pledged to finalize an ambitious Free Trade Agreement (FTA) by year-end 2025 and deepen their strategic trade partnership. The commitment was reinforced during talks between India's Commerce Minister Piyush Goyal and European Commission Executive Vice-President Maroš Šefčovič in Brussels.

Key Developments:

1. High-Level Engagement

   • Follows February 2025 EU-India Summit in New Delhi

   • Implements roadmap set by PM Modi and EC President von der Leyen

2. Negotiation Progress

   • 22 of 26 chapters now substantively concluded

   • Recent breakthroughs on:
     • Digital trade governance
     • Sustainable manufacturing clauses
     • Auto sector tariff reduction roadmap

3. Strategic Vision

   • Creating "a purposeful, beneficial, fair and balanced partnership"

   • Enhancing economic resilience through:
     • Diversified supply chains
     • Regulatory cooperation
     • Joint innovation initiatives

Official Statements:
Indian Commerce Ministry:
"Both sides reviewed FTA progress through multiple negotiation tracks, committing to resolve outstanding issues with mutual respect."

EU Trade Spokesperson:
"This FTA will redefine global trade architecture by combining Europe's technological leadership with India's growing digital economy."

Next Steps:

• July 2025: Chief negotiators' meeting in New Delhi

• October 2025: Legal scrubbing process begins

• December 2025: Target signing date

Projected Impact:
✓ 65% increase in bilateral trade (currently €115 billion)
✓ 200,000 new jobs in green and digital sectors
✓ 15-20% reduction in cross-border compliance costs