External Affairs Minister S Jaishankar held significant discussions with European Trade and Economic Security Commissioner Maros Sefcovic in New Delhi on Monday, setting the stage for the resumption of India-European Union Free Trade Agreement (FTA) negotiations.

This encounter precedes a crucial two-day round of formal talks between India and the EU, scheduled to run from Monday through Tuesday, aimed at deepening economic ties and advancing the pact.

In a message on X, Jaishankar expressed optimism, stating it was "a pleasure to meet European Trade & Economic Security Commissioner @MarosSefcovic in New Delhi today," and voiced confidence that the discussions would be productive. The meeting underscores both parties' renewed commitment to conclude the FTA negotiations after a hiatus.

Negotiations were restarted in June 2022 following years of inactivity, reflecting a fresh impetus to strengthen one of the world’s largest trade partnerships. Notably, the EU Ambassador to India, Herve Delphin, recently characterised the current discussions as "EU-India FTA negotiation 2.0," emphasising a complete strategic shift from the attempts made a decade ago.

Delphin highlighted that the ongoing dialogue is not merely a continuation of the past but a reimagined process driven by the shared economic and strategic interests of both partners. The combined economic weight of India and the EU—accounting for roughly 25 percent of global GDP and population—adds considerable significance to the deal.

With global trade tensions escalating, including ongoing tariff wars and protectionist measures, both sides view the FTA as a vital framework to promote stability and rules-based trade. Delphin underscored that beyond tariffs and trade volumes, the agreement aims to mitigate risks in an increasingly unpredictable global economy.

He assured that the EU’s record of FTAs demonstrates mutual benefits, including increased trade, job creation, and investment growth. “It is a win-win,” Delphin noted, rejecting any zero-sum assumptions and jokingly referring to it as the "European art of the deal."

Both India and the EU have committed to a strong political will to conclude the negotiations by the end of 2025. Breaking from traditional formats of formal negotiation rounds, they have adopted a continuous negotiating mode. Starting Tuesday, approximately 40 European negotiators are expected to engage directly with Indian counterparts in Delhi, aiming to maintain momentum and quickly resolve outstanding issues.

This phase of dialogue marks a pivotal step toward forging a comprehensive trade and economic partnership that not only deepens bilateral ties but also significance amid shifting global trade dynamics. The outcome of these talks could shape economic relations between India and the EU for decades to come.

Based On ANI Report