Goyal, Sefcovic Advance India-EU Trade Pact Talks

• India and the EU held discussions on a proposed trade pact, with Commerce Minister Piyush Goyal meeting EU Trade Commissioner Maros Sefcovic.
• The talks aim to conclude negotiations for a comprehensive Free Trade Agreement (FTA), investment protection, and geographical indications, which resumed in June 2022 after an 8-year hiatus.
• Key areas of disagreement include steel, carbon tax, automobiles, and non-tariff barriers.
• The EU, India's largest trading partner for goods, seeks duty cuts on products like automobiles, medical devices, wine, and spirits, along with a strong intellectual property regime.
• A successful pact could boost Indian exports such as readymade garments, pharmaceuticals, steel, and petroleum products to the EU market.

Why It Matters: It could significantly boost India-EU trade and economic growth.