India now ranks third in building general dry cargo vessels for European short sea trade: Sarbananda Sonowal

India and the European Union are working to finalize the Free Trade Agreement talks before the deadline. Piyush Goyal met Maros Sefcovic multiple times to speed up negotiations. India-Italy bilateral trade is currently suboptimal. India proposed an industrial enclave for Italian companies in India. The aim is to boost trade, investment, and tourism between the […]

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.

Piyush Goyal cautioned about the risks of critical mineral supply chains being concentrated in specific regions, potentially hindering global economic progress. He highlighted the potential for increased collaboration between India and Italy in the critical minerals sector. India is actively promoting domestic R&D to reduce reliance on specific critical minerals.

Commerce and Industry Minister Piyush Goyal proposed developing industrial conclaves in India for Italian businesses to boost investments. He suggested setting up manufacturing units and offices in these enclaves, offering a ‘home away from home’ environment with amenities like hotels and healthcare.

India and Kyrgyzstan have reinforced their economic ties with the enforcement of a new Bilateral Investment Treaty (BIT), effective June 5, 2025. Replacing the 2000 agreement, the BIT aims to protect cross-border investments and create a secure environment for investors. It balances investor rights with sovereign regulatory powers, promoting sustainable development and transparent investment.

India has urged action against trade distortions from non-market economies and non-tariff barriers, emphasizing the need for a robust WTO dispute settlement mechanism. Piyush Goyal stressed strengthening the consensus-based approach and special treatment for developing nations. Discussions also covered agriculture, overfishing, and concerns about incorporating joint statement initiatives into the multilateral framework.

India is carefully assessing the impact of recent US court rulings on trade policies as it seeks a balanced and mutually beneficial trade agreement with the United States. The final terms of the deal will depend on how India’s benefits compare to those offered to other nations.

Piyush Goyal is visiting Italy to boost economic ties. India and Italy will explore collaboration in areas like the India-Middle East-Europe Economic Corridor. They will also focus on Industry 4.0, agritech, and energy transition. Goyal will co-chair the India-Italy Joint Commission for Economic Cooperation with Antonio Tajani.

The India-Middle East-Europe Economic Corridor aims to connect India and Europe. It involves railways, ports, and digital infrastructure. Experts discussed its potential at a conference organized by Chintan Research Foundation. The project promises trade benefits and reduced emissions. It also supports India’s green energy goals. IMEC is seen as a geopolitical and economic tool.