Ken O'Flynn (Cork North-Central, Independent Ireland Party)
Link to this: Individually | In context

623. To ask the Minister for Enterprise, Trade and Employment in view of the newly identified opportunity from the EU-India trade deal for Irish spirits exports, the targeted supports (grants, trade-missions, market-intelligence) that are being made available by his Department for Irish exporters, and specifically for medium and small-sized enterprises in Cork, to capitalise on this opportunity; and the timeline his Department has set for the first Cork-based business mission to India. [60137/25]

Peter Burke (Longford-Westmeath, Fine Gael)
Link to this: Individually | In context

The EU is India's largest trading partner, accounting for €124 billion worth of trade in goods in 2023 or 12.2% of total Indian trade. India is the EU’s 9th largest trading partner, accounting for 2.2% of the EU's total trade in goods in 2023. Trade in services between the EU and India reached €59.7 billion in 2023, up from €30.4 billion in 2020.

On 17 June 2022, the European Union relaunched negotiations with India for a Free Trade Agreement and launched separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs). The negotiations for a Free Trade Agreement aim to remove barriers to trade and to make the Indian market accessible for all EU firms.

Negotiations for the EU-India Free Trade Agreement (FTA) are in an advanced stage, with many parts of an agreement largely settled in principle. Both sides have reaffirmed their commitment to concluding the deal by the end of 2025.

In relation to Enterprise Trade Missions, it is likely that a Trade Mission to India will take place in 2026 to reflect the new opportunities that would open up following the signing of an EU-India Free Trade Agreement. The Enterprise agency Trade Mission program for 2026 will be presented to the Head Quarter Market Team ( HQMT) over the coming months and for my approval shortly thereafter. Trade Missions are open to agency clients who wish to participate on them and are generally not confined to a region, as opportunities identified are at a national or sectoral level.