There has been a substantive progress in free trade negotiations with the European Union, Union Commerce Minister Piyush Goyal said on Thursday, but stressed that a deal should be win-win to both sides and it will not be done in any haste.
"There has been significant progress. Obviously, everything is dependent on crossing the finishing line. It has to be a 100 per cent agreement, a balanced agreement which ensures equal and relatively good future for the trade and investment on both sides. We are working towards that," said Goyal.
He also said that trade talks with the United States had progressed well over several rounds of negotiations.
The US Trade Representative Jamieson Greer had said on Wednesday that the US had received the best offer from India.
When asked a reaction, Goyal said his happiness was welcome. "If they are so happy, they should be signing on the dotted line," he added.
Earlier, addressing a gathering of Indian and Italian businessmen, he said there were a few pending issues to be resolved, but refused to divulge more details. He also didn't provide any timeline for completing the negotiations.
India has been negotiating a trade with both the EU and US for quite some time. Currently, US levies a 50 per cent tariff on Indian imports, putting Indian exports at a substantial disadvantage to other exporting countries.
At least five rounds of negotiations have been held between the two countries so far. Goyal stressed a deal will be done when both sides stand to benefit.
"Negotiation should always be with a sense of urgency, but never in haste," he said.
Italian Deputy Prime Minister Antonio Tajani is hopeful that the India-EU trade deal could be done in six months.
"I want to be optimistic. Beginning next year, or during the first six months of next year, it's possible to achieve the goal," Tajani told reporters.
Italy was keen to increase its exports to India, he said, while also welcoming Indian investments and exports into Italy. Italy aims for 700 billion euros in exports by 2027, and India is a key partner, he added.
India and Italy are looking to collaborate on four key priority sectors: Automobiles, including electric vehicles; waste-to-energy and renewable energy; sports technology and textile sector; and agri-food and agri-tech.
"I am sure working together through technology transfers, investments, collaborations, joint ventures between our high-precision engineering industry, and access to the large EU market through Italy, there's a huge scope which businesses on both sides will work to take forward, creating jobs, creating economic opportunities for the people of Italy and India," said Goyal.
He noted that there was a joint strategic plan 2025-2029, through which they were committed to promote business, promote technology collaborations, and bring investments to both countries.
Tajani also stressed on innovation, education and research for growth. "My colleague will propose to India an idea for exchange for young Indian students in Italy. It is possible to do the same for Italian students to India," he said.
Earlier, he also called on the need for collaborations between countries in areas of raw materials. "We are industrial countries. The price of raw materials is an incredible burden for all of us. We need to strengthen the political agreement. Political agreement between Italy, Europe, India, Japan, South Korea, the USA, because it is impossible to compete when there is a king maker managing this sector," noted Tajani.
