The proposed free trade agreement (FTA) negotiations between India and the European Union (EU) need political directions to reach a commercially meaningful deal while understanding each other's sensitivities, an official statement said on Thursday.

The pact came up for discussion during an interaction between Commerce and Industry Minister Piyush Goyal and Ambassadors of the European Commission delegation. Goyal said that both sides are aiming for a balanced, ambitious, comprehensive and mutually beneficial FTA.