New Delhi [India], October 29 (ANI): Negotiations for the proposed Free Trade Agreement (FTA) between India and the European Union have concluded substantial work on key tracks, with both sides currently conducting legal and procedural reviews before finalising a formal signing date, the Ministry of External Affairs (MEA) announced.

Responding to queries regarding whether a specific December signing date has been fixed, MEA Official Spokesperson Randhir Jaiswal confirmed that technical text scrubbing remains ongoing while both leaderships push for a swift conclusion.

'As indicated previously, the main negotiating tracks have concluded substantial work, and legal and procedural scrubbing of the text is ongoing,' Jaiswal stated during the bi-weekly media briefing. The spokesperson emphasised that both New Delhi and Brussels remain committed to completing the remaining formal requirements without delay.

'Both leaderships have expressed their intent to conclude the process expeditiously,' Jaiswal added.

Regarding the official timeline for the signing ceremony, the MEA assured that details will be released once all procedural protocols are completed.

'Once dates for formal signing are finalised, they will be shared publicly,' Jaiswal concluded.

Earlier this month, Union Commerce and Industry Minister Piyush Goyal stated that he met European Commissioner for Trade and Economic Security Maros Sefcovic on the sidelines of the G20 Trade Ministers' Meeting to evaluate ongoing advancements regarding the formal signing and eventual implementation of the landmark India-EU FTA.

In addition to evaluating the bilateral trade pact, Goyal noted that both leaders conferred on collaborative strides achieved through the India-EU Trade and Technology Council, necessary structural reforms within the World Trade Organisation, and mutual strategic objectives at the G20.

Sharing details of the diplomatic engagement on social media, Goyal stated in a post on X, 'Reviewed progress towards the signing and entry into force of the India-EU FTA.'

India and the European Union successfully wrapped up comprehensive negotiations for the expansive trade accord earlier this year on January 27. The milestone followed arduous talks that initially commenced back in 2007 before being officially relaunched in 2022 following a lengthy hiatus of stalled discussions.

The agreement advanced further earlier this month when the European Commission formally transmitted the text to the EU Council to secure authorisation for its signature and conclusion.

The India-EU FTA negotiations have been a key component of efforts to deepen economic ties between the two sides, with the agreement expected to provide greater market access and strengthen trade and investment flows. The India-EU FTA was jointly announced by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen on January 27 this year during the 16th India-EU Summit in New Delhi.

The announcement followed the resumption of negotiations in 2022 after years of discussions aimed at establishing a comprehensive and balanced trade partnership between India and the European Union.

The proposed agreement assumes significance amid growing economic ties between the two regions. In 2024-25, bilateral trade in goods between India and the EU stood at USD 136.54 billion, with India's exports to the bloc valued at USD 75.85 billion and imports at USD 60.68 billion.

Trade in services between India and the European Union reached USD 83.10 billion in 2024. (ANI)