Geneva [Switzerland], October 23 (ANI): Union Minister of Commerce and Industry Piyush Goyal on Tuesday had a productive meeting with Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), on the sidelines of the 16th United Nations Conference on Trade and Development (UNCTAD16).

In a post on X, Goyal emphasised India's firm commitment to a rules-based multilateral trading system, underscoring the country's willingness to collaborate with the WTO to expand global trade.

'It was a pleasure to meet Ms. @NOIweala, Director-General of @WTO on the sidelines of #UNCTAD16. Emphasised India's firm commitment to a rules-based multilateral trading system & willingness to work with WTO to expand global trade,' posted Goyal.

https://x.com/PiyushGoyal/status/1981050553615733083

The meeting focused on strengthening international trade cooperation, with both leaders discussing ways to address trade challenges and promote economic growth.

The meeting is also taking place at a time when India is holding discussions to finalise the Free Trade Agreement (FTA) with the European Union and negotiating the Bilateral Trade Agreement (BTA) with the United States.

Earlier, Minister Goyal also held meetings with top European Union officials to discuss pending issues related to the India-EU Free Trade Agreement (FTA), ahead of his visit to Brussels next week.

Goyal stated that he had a 'productive engagement focused on the positive resolution of the outstanding issues' with Maros Sefcovic, the EU Commissioner for Trade and Economic Security. 'The shared commitment on both sides towards redefining the relationship is deeply encouraging,' he wrote.

The EU Trade Commissioner had also expressed optimism after the meeting, saying both sides are determined to 'keep making progress and elevate the EU-India trade and investment relationship to a new level.'

Goyal also held productive meetings with Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition at the European Commission. The discussions focused on advancing cooperation in areas related to sustainable growth and green transitions.

According to Commerce Secretary Rajesh Agrawal, trade negotiations between India and the European Union are now in their final stages and are expected to be concluded by December this year. 'Trade talks are progressing very well. Chances are it may be concluded by December. We are at the last leg of negotiations,' he said earlier this month.

Agrawal said officials from the Indian team have stayed back in Brussels to continue negotiations on Rules of Origin -- a crucial component that defines how much local content must be used in a product to qualify for tariff benefits under the FTA.

Meanwhile, with Washington, New Delhi is engaged in trade negotiations aimed at reaching a mutually beneficial outcome, according to government sources.

'The engagement between two sides is going on. Ambassador-designate Sergio Gor was in India. He met all stakeholders and had good meetings. Negotiating team from India is in the US. They are trying to see if we can have a win-win solution between the two sides,' a government source said.

Earlier, sources told ANI that the upcoming talks are expected to focus on key market access issues, regulatory cooperation, and expanding trade in energy and technology sectors. (ANI)