India Pursues a Collaborative FTA with the EU: Piyush Goyal
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New Delhi, Dec 12 (NationPress) The Minister of Commerce and Industry, Piyush Goyal, has reiterated India's goal to establish a balanced, comprehensive, and mutually advantageous Free Trade Agreement (FTA) with the European Union, as per an official communiqué released on Thursday.
During a meeting with the Ambassadors representing the European Commission delegation, including those from Austria, Belgium, Bulgaria, Czech Republic, Estonia, Italy, Ireland, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovak Republic, Spain, and Sweden, the minister addressed the strengthening ties and increasing trade relations between India and the EU.
Minister Goyal pointed out that the ongoing FTA discussions, after nine rigorous rounds of negotiations, require political guidance to achieve a commercially significant agreement while being mindful of each other’s sensitivities.
He also stressed that any conversations regarding sustainability should respect the principle of Common But Differentiated Responsibility (CBDR) and the implementation of related measures must consider the various developmental trajectories. He projected that the Indian economy is anticipated to grow at a rate of 7-8 percent per annum, aiming to become the third-largest economy globally in the coming years. Following that, swift and substantial growth could propel India's GDP to reach a remarkable $35 trillion by 2047.
Recognizing the vast and underexploited economic potential, representatives from the European side emphasized that both parties could significantly benefit by merging their economies and enhancing the resilience of their supply chains. This meeting also provided a platform to review the advancements in the India-EU Trade and Technology Council. India stands out as the only nation, apart from the United States, with which the EU has established such a framework.
In the fiscal year 2023-24, India's merchandise trade with the EU reached $137.41 billion, marking it as India's largest trading partner in goods. Moreover, the estimated bilateral trade in services between India and the EU for 2023 was around $51.45 billion.
The trade agreement with the EU is poised to facilitate India's endeavors to further broaden and diversify its exports of goods and services while safeguarding its value chains. India is committed to forging equitable agreements with key global economies to enhance its market share in international trade.
