New Delhi [India], November 7 (ANI): India and the European Union (EU) made significant progress in the ongoing Free Trade Agreement (FTA) negotiations during a week-long round of discussions held in the national capital, according to an official release on Friday.

According to a release issued by the Ministry of Commerce and Industry, the negotiations took place from November 3 to November 7, with a senior EU negotiating team visiting India to engage with their Indian counterparts in advancing a comprehensive, balanced, and mutually beneficial trade agreement.

The deliberations covered key chapters, including goods, services, investment, trade, sustainable development, rules of origin, and technical trade barriers.

Commerce Secretary Rajesh Agrawal held detailed meetings with Sabine Weyand, Director-General for Trade, European Commission, from November 5 to November 6 to review progress and address outstanding issues across the negotiation tracks.

Both sides expressed satisfaction with the substantive progress made, while agreeing to accelerate efforts to achieve a balanced trade outcome.

Agrawal reaffirmed India's commitment to a trade agreement that promotes economic growth and development and emphasised the need for clarity and predictability regarding emerging EU regulatory measures, including the Carbon Border Adjustment Mechanism (CBAM) and proposed steel regulations.

'The Commerce Secretary reaffirmed India's commitment to achieving an outcome that promotes economic growth and development while ensuring a fair and balanced distribution of benefits. He also emphasised the need for clarity and predictability in the implementation of emerging EU regulatory measures, including the Carbon Border Adjustment Mechanism (CBAM) and the proposed new steel regulation,' the release stated.

The discussions helped narrow divergences, and a common understanding was reached on several issues. Both sides underscored the importance of continued technical-level engagement in the coming weeks to bridge remaining gaps and finalise the India-EU FTA at the earliest.

'Both sides noted with satisfaction the substantive progress made across several negotiating areas and agreed to sustain the positive momentum. The discussions helped narrow divergences, and common understanding was reached on many issues. The importance of continued technical-level engagement in the coming weeks was underscored to bridge remaining gaps and work towards the shared objective of concluding the India-EU FTA negotiations at the earliest,' it added.

The negotiations highlight the strong commitment of India and the EU to deepen their economic partnership and conclude an ambitious, forward-looking trade agreement that fosters resilient, sustainable, and inclusive growth. (ANI)