Held 3 meetings in 35 days with EU trade commissioner to push FTA talks: Goyal

India and the European Union are actively pursuing a free trade agreement. Commerce Minister Piyush Goyal and European Commissioner Maros Sefcovic have met multiple times recently. India has already signed agreements with EFTA and the UK. Negotiations with the EU stalled in 2013 but resumed in June 2022.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Commerce and Industry Minister Piyush Goyal has held three meetings within a short span of 35 days with the European Commissioner for Trade Maros Sefcovic with an aim to give an impetus to the reposed negotiations for a free trade agreement Goyal said on Thursday that India has already signed similar agreements with four-European nation bloc EFTA and the UK.The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.Now, India is in the process of concluding the negotiations with the 27-nation bloc European Union."We have held three meetings in 35 days. It shows our shared commitment for the FTA... we are trying to do it faster," Goyal told reporters here.The minister is here on a two-day visit. He is meeting leaders and businesses to boost trade and investments between the two countries.The first and the second meetings between Goyal and Sefcovic were held on May 1 and May 23 in Brussels, while the third meeting concluded on June 2 in Paris.India and the European Union (EU) are likely to agree upon a comprehensive free trade agreement (FTA).In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on GIs after a gap of over eight years.The negotiations stalled in 2013 due to differences over the level of opening up of the markets.On February 28, Prime Minister Narendra Modi and the European Commission President agreed to seal the much-awaited free trade deal by the end of this year.Goyal also said he is working with Italy and the EU for a "very" strong and mutually beneficial FTA."We are making rapid progress on the very very vibrant FTA which would open opportunities for businesses of both the sides," he said.On India-Italy bilateral trade, Goyal said it's "low and sub-optimal" and both sides need to work to boost the two-way commerce. Currently it stands around USD 15 billion in goods."Huge potential is there to boost bilateral trade," he said.Speaking at the briefing, Italian Deputy Prime Minister and Foreign Minister Antonio Tajani said Italy is looking at ways to boost exports to India as both are natural partners.He also sought Indian investments in Italy. He added bilateral talks with Goyal focused on ways to cut barriers to trade."Duties are never positive and our goal is to reduce it," Tajani said when asked about the US tariffs on steel and aluminium.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Standard

24 minutes ago

• Business Standard

FIFA Club World Cup 2025 points table and last 16 qualification scenarios

The 2025 FIFA Club World Cup group stage is currently in full swing in the United States, marking the beginning of a new era for the tournament. This expanded version now features 32 top clubs from across the globe and boasts a massive $1 billion prize pool, making it one of the most lucrative events in football. Unlike the previous editions, which included just seven teams and lasted only a few days, the revamped Club World Cup has evolved into a month-long spectacle. Set to be held every four years, much like the international FIFA World Cup, this new format aims to bring the same level of excitement and global appeal to club football. The inaugural edition of this format runs from June 14 to July 13 across various U.S. cities. As the group stage unfolds, Palmeiras have taken the lead in Group A, staying just ahead of Inter Miami. In a major surprise, Botafogo stunned Paris Saint-Germain and now top Group B. Other group leaders include European giants Bayern Munich, Brazilian side Flamengo, Argentina's CA River Plate, Fluminense, Italian powerhouse Juventus, and Austria's FC Salzburg, each currently sitting atop their respective groups. Juventus and Man City have booked their last 16 berths with wins in their respective fixtures on Sunday. With intense competition, global stars on display, and high stakes, the 2025 Club World Cup is shaping up to be a groundbreaking chapter in international club football. Let us look at how the 32 teams are faring after their respective 2 group games: FIFA Club World Cup 2025 Group A Rank Club MP W D L GF GA GD Pts 1 Palmeiras 2 1 1 0 2 0 2 4 2 Inter Miami 2 1 1 0 2 1 1 4 3 Porto 2 0 1 1 1 2 -1 1 4 Al Ahly 2 0 1 1 0 2 -2 1 Palmeiras have taken the lead in Group A, staying just ahead of Inter Miami on goal difference at the moment while Porto and Al Ahly sit at 3rd and 4th with 1 point each. FIFA Club World Cup 2025 Group B Rank Club MP W D L GF GA GD Pts 1 Botafogo 2 2 0 0 3 1 2 6 2 PSG 2 1 0 1 4 1 3 3 3 Atlético Madrid 2 1 0 1 3 5 -2 3 4 Seattle Sounders 2 0 0 2 2 5 -3 0 In group B, it is Botafogo who lead the group with 2 wins from 2 as PSG, Atletico and Seattle follow them in the group. Both PSG and Atleti have one win 2 games while Seattle sit with 0 points at the bottom. FIFA Club World Cup 2025 Group C Rank Club MP W D L GF GA GD Pts 1 Bayern 2 2 0 0 12 1 11 6 2 Benfica 2 1 1 0 8 2 6 4 3 Boca Juniors 2 0 1 1 3 4 -1 1 4 Auckland City 2 0 0 2 0 16 -16 0 German champions Bayern sit on top of Group C with 2 wins in 2 while Benfica are 2nd with 4 points. Boca Juniors are also alive still with 1 point from 2 games while Auckland City remain pointless. FIFA Club World Cup 2025 Group D Rank Club MP W D L GF GA GD Pts 1 Flamengo 2 2 0 0 5 1 4 6 2 Chelsea 2 1 0 1 3 3 0 3 3 ES Tunis 2 1 0 1 1 2 -1 3 4 LAFC 2 0 0 2 0 3 -3 0 Group D has Flamengo undefeated with 6 points while Chelsea and ES Tunis follow them with 3 points each. LAFC haven't been able to register a win yet. Group E has 3 teams battling for the top 2 spots as River Plate and Inter sit at 4 points each while Monterrey are also on 2 points from 2 games. Urawa Reds remain at the bottom with 0 points. FIFA Club World Cup 2025 Group F Rank Club MP W D L GF GA GD Pts 1 Fluminense 2 1 1 0 4 2 2 4 2 Dortmund 2 1 1 0 4 3 1 4 3 Mamelodi Sundowns 2 1 0 1 4 4 0 3 4 Ulsan 2 0 0 2 2 5 -3 0 Group F also has a tight race with Fluminense and Dortmund tied on 4 points while Mamelodi Sundowns are also at 3points in the table. Ulsan are virtually out of contention with no wins in 2 games. FIFA Club World Cup 2025 Group G Rank Club MP W D L GF GA GD Pts 1 Juventus 2 2 0 0 9 1 8 6 2 Man City 2 2 0 0 8 0 8 6 3 Wydad AC 2 0 0 2 1 6 -5 0 4 Al Ain 2 0 0 2 0 11 -11 0 Group G has Juventus and Man City in the top 2 spots who have qualified for the last 16 after their wins against Wydad and Al Ain respectively. FIFA Club World Cup 2025 Group H Rank Club MP W D L GF GA GD Pts 1 Real Madrid 2 1 1 0 4 2 2 4 2 RB Salzburg 2 1 1 0 2 1 1 4 3 Al-Hilal 2 0 2 0 1 1 0 2 4 Pachuca 2 0 0 2 2 5 -3 0 Group H is still alive as well with Real Madrid holding the top spot on goal difference with 4 points, similar to Salzburg. Al Hilal has 2 draws in their bag and could still qualify for the knockouts. (Tables updated after Matchday 9)

Business Standard

29 minutes ago

• Business Standard

Nato leaders to meet for a summit that could be historic or with divisions

US President Donald Trump and his Nato counterparts are due to gather Tuesday for a summit that could unite the world's biggest security organisation around a new defence spending pledge or widen divisions among the 32 allies. Just a week ago, things had seemed rosy. Nato Secretary-General Mark Rutte was optimistic the European members and Canada would commit to invest at least as much of their economic growth on defence as the United States does for the first time. Then Spain rejected the new Nato target for each country to spend 5 per cent of its gross domestic product on defence needs, calling it unreasonable. Trump also insists on that figure. The alliance operates on a consensus that requires the backing of all 32 members. Then Trump ordered the bombing of nuclear installations in Iran. In 2003, the US-led war on Iraq deeply divided Nato, as France and Germany led opposition to the attack, while Britain and Spain joined the coalition. European allies and Canada also want Ukraine to be at the top of the summit agenda, but they are wary that Trump might not want President Volodymyr Zelenskyy to steal the limelight. A short summit, decades of mutual security The two-day summit in The Hague involves an informal dinner Tuesday and one working session Wednesday morning. A very short summit statement has been drafted to ensure the meeting is not derailed by fights over details and wording. Indeed, much about this Nato summit is brief, even though ripples could be felt for years. Founded in 1949, the North Atlantic Treaty Organisation was formed by 12 nations to counter the threat to security in Europe posed by the Soviet Union during the Cold War, notably via a strong US presence on the continent. Dealing with Moscow is in its DNA. Keeping the peace outside the Euro-Atlantic area is not. Nato's ranks have grown to 32 countries since the Washington Treaty was signed 75 years ago. Sweden joined last year, worried by an increasingly aggressive Russia. Nato's collective security guarantee Article 5 of the treaty underpins its credibility. It's a political commitment by all countries to come to the aid of any member whose sovereignty or territory might be under attack. Trump has suggested he is committed to that pledge, but he has also sowed doubt about his intentions. He has said the US intends to remain a member of the alliance. A civilian runs Nato, but the US and its military hold power The United States is Nato's most powerful member. It spends much more on defence than any other ally and far outweighs its partners in terms of military muscle. Washington has traditionally driven the agenda but has stepped back under Trump. The US nuclear arsenal provides strategic deterrence against would-be adversaries. Nato's day-to-day work is led by Rutte, a former Dutch prime minister. As its top civilian official, he chairs almost weekly meetings of ambassadors in the North Atlantic Council at its Brussels headquarters. He chairs other NACs at ministerial and leader levels. Rutte runs Nato headquarters, trying to foster consensus and to speak on behalf of all members. Nato's military headquarters is based nearby in Mons, Belgium. It is always run by a top US officer. Ukraine's role at the summit is unclear With Trump demanding greater defence spending, it's unclear what role Ukraine will play at the summit. Zelenskyy has been invited, but it's unclear whether he will have a seat at Nato's table, although he may take part in Tuesday's dinner. Russia's war in Ukraine usually dominates such meetings. More broadly, Nato itself is not arming Ukraine. As an organisation, it possesses no weapons of any kind. Collectively, it provides only non-lethal support fuel, combat rations, medical supplies, body armor, and equipment to counter drones or mines. But individually, members do send arms. European allies provided 60 per cent of the military support that Ukraine received in 2024. Nato coordinates those weapons deliveries via a hub on the Polish border and helps organize training for Ukrainian troops. Nato's troop plans A key part of the commitment for allies to defend one another is to deter Russia, or any other adversary, from attacking in the first place. Finland and Sweden joined Nato recently because of this concern. Under Nato's new military plans, 300,000 military personnel would be deployed within 30 days to counter any attack, whether it be on land, at sea, by air or in cyberspace. But experts doubt whether the allies could muster the troop numbers. It's not just about troop and equipment numbers. An adversary would be less likely to challenge Nato if it thought the allies would use the forces it controls. Trump's threats against US allies including imposing tariffs on them has weakened that deterrence. The US is carrying the biggest military burden Due to high US defence spending over many years, the American armed forces have more personnel and superior weapons but also significant transportation and logistics assets. Other allies are starting to spend more, though. After years of cuts, Nato members committed to ramp up their national defence budgets in 2014 when Russia illegally annexed Ukraine's Crimean Peninsula. After Russia's full-scale invasion of Ukraine in 2022, the Nato allies agreed to make 2 per cent of GDP the minimum spending level. Last year, 22 countries were expected to hit that target, up from only three a decade ago. In The Hague, the allies were expected to up the ante to 3.5 per cent, plus a further 1.5 per cent for things like improving roads, bridges, ports and airfields or preparing societies to deal with future conflicts. Whether they will now remains an open question.

Time of India

29 minutes ago

• Time of India

TCS accelerates software-defined vehicle innovation in Europe with launch of three new hubs

Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has announced the expansion of its capabilities in the rapidly evolving Software-Defined Vehicles (SDV) space. TCS sets up two new Automotive Delivery Centers in Germany – located in Munich and Villingen-Schwenningen as well as an engineering center in Romania. These new hubs mark a strategic move to help TCS' global automotive clients accelerate their transition to next-gen mobility solutions . The delivery centers in Germany will support automakers in developing and deploying TCS' software-driven services that cater to autonomous driving , infotainment, safety systems, and connected vehicle technologies. Meanwhile, the engineering center in Romania will focus on designing and building advanced automotive software platforms to support early-stage development and innovation. This expansion is part of TCS' long-term strategy to strengthen its end-to-end automotive software capabilities, chip-to-cloud technologies, and services. The strategic location of these centers will enable close collaboration with leading European OEMs and global automotive enterprises, providing nearshore capabilities. The new centers currently house over 100 talented professionals who will work together with more than 2000 SDV Engineers across TCS global locations. This diverse and global talent pool will enable the development of next generation automotive platforms for digital cockpits and infotainment, advanced driver assistance systems, and other critical SDV functions — supporting the full product lifecycle from concept and development to production and post-launch support. Regu Ayyaswamy, Senior Vice President & Global Head, Internet of Things (IoT) and Digital Engineering at TCS, said , 'These new centers will position TCS at the forefront of automotive innovation, enabling us to deliver state-of-the-art solutions in autonomous driving and advanced cockpit systems. This expansion reaffirms our commitment to leading the transformation in the Software-Defined Vehicles space.' TCS' expansion aligns with the global automotive industry's shift toward software-defined, connected, and autonomous mobility. As demand grows for intelligent vehicle technologies, TCS is well-positioned to lead the transformation. Europe is a strategically significant location for TCS' automotive delivery hubs due to its robust automotive industry and the presence of numerous leading automotive manufacturers in the region. TCS has been serving automotive customers in Europe for the past 25 years and has a strong presence in automotive hubs across the region. The organization has been delivering innovative solutions in digital cockpit, electrification, autonomous vehicles, and connected car ecosystems through digital engineering, IoT, cloud, and data analytics. TCS also leverages Generative AI to accelerate product development with feature generation and testing in SDVs, enabling faster innovation and enhanced personalization. Anupam Singhal, President and Business Group Head, Manufacturing, TCS, said, 'The shift to software-defined vehicles marks a defining moment for the automotive industry. With the launch of these new centers, we are deepening our commitment to support OEMs in building the next generation of intelligent, connected, and sustainable vehicles. This expansion is a key milestone in our journey toward Future-Ready Mobility—where software, engineering, and design, backed by AI, converge to deliver safer, more personalized, and continuously enriching experiences for drivers and passengers.' TCS' presence in Europe enhances its position in the global automotive value chain by leveraging local talent and expertise, fostering closer collaboration with clients, and improving customer satisfaction. TCS has a long-standing commitment to serving as a trusted IT partner for European enterprises, with a presence in the region for over 45 years. TCS Europe has over 15,000 employees. Throughout this journey, TCS has driven growth and transformation for some of Europe's leading multinational companies in banking and financial services, manufacturing, telecom, retail, travel, logistics, and more. With a diverse and agile workforce operating from 62 offices across Europe, TCS continues to be a strategic transformation partner, empowering businesses to navigate change and achieve sustained success.