India and the European Union discuss a free trade agreement and a cap on Russian oil prices

India and the European Commission are eager to “accelerate” the dialogue on the free trade agreement (FTA) for “mutually beneficial results”, Trade and Industry Minister Piyush Goyal has said. after meeting European Commission Executive Vice-President Valdis Dombrovskis in Bali on the sidelines of the G20 ministerial meeting on Wednesday.

After the meeting, Mr. Dombrovskis said: “We have agreed to intensify EU-India FTA talks in the coming months. Looking forward to the 1st Joint Council on Commerce and Technology. We also discussed the EU/G7 initiative to cap Russian oil prices — this would help fight global competition. energy inflation.”

Wednesday’s exchange between Mr. Goyal and Mr. Dombrovskis came nearly two and a half months after the two sides resumed FTA talks that had been frozen for at least eight years. India has launched a series of negotiations with several countries such as Canada, Israel and Bangladesh to strike special trade pacts that are part of New Delhi’s plans for a post-COVID global economic order.

The trade pact with the EU is one of the most lucrative deals that India has entered into in the past two decades as it will give India access to the entire EU market.