New Delhi, December 12 (ANI): Union Commerce and Industry Minister Piyush Goyal has reiterated India’s focus on creating a balanced and beneficial Free Trade Agreement (FTA) with the European Union (EU). During a recent meeting with ambassadors from the European Commission and various EU member states, Goyal discussed the importance of this agreement for strengthening trade ties.
The meeting involved representatives from several countries, including Austria, Belgium, and Bulgaria, highlighting the enhancing economic partnership between India and the EU, as reported by the Ministry of Commerce and Industry. Goyal stressed the need for unified political support to finalize a deal that considers the interests of both sides.
He pointed out the significance of discussing sustainability in trade relations, urging the adoption of the Common But Differentiated Responsibility (CBDR) principle. This approach would recognize the different stages of development among nations.
Goyal also spoke about India’s economic growth, predicting that it could expand by 7-8% each year, potentially making it the world’s third-largest economy. He estimated that India’s GDP might reach USD 35 trillion by 2047. He believes that combining the economies of India and the EU would create vast opportunities and enhance the resilience of global supply chains.
European representatives shared his views, noting the significant economic possibilities that remain untapped between the two regions. They also discussed the India-EU Trade and Technology Council, a strategic platform that India has only with the EU, alongside the United States.
In terms of trade volumes, India’s trade in goods with the EU reached USD 137.41 billion in 2023-24, making the EU India’s largest goods trading partner. Moreover, the bilateral trade in services was substantial, amounting to USD 51.45 billion in 2023. Goyal emphasized that the FTA would play a crucial role in diversifying India’s exports and enhancing key supply chains.
Lastly, he reaffirmed India’s strategy of pursuing fair trade agreements with major economies to increase its presence in international markets. He expressed confidence that a detailed agreement with the EU would contribute significantly to sustainable economic growth for both regions.
