News Brief
India, EU Aiming For Balanced, Comprehensive And Mutually Beneficial Free Trade Agreement: Piyush Goyal
The EU and India formally relaunched negotiations for a Free Trade Agreement. (Photo: Valdis Dombrovskis/Twitter)
Union Minister of Commerce and Industry, Piyush Goyal, reiterated India’s dedication to negotiating a comprehensive and mutually beneficial Free Trade Agreement (FTA) with the European Union (EU) during a recent engagement with the European Commission delegation and ambassadors from various EU member states.
The meeting highlighted the deepening trade and economic partnership between India and the EU, according to the Ministry of Commerce and Industry.
Attended by senior Indian officials and representatives from EU nations such as Austria, Belgium, and Bulgaria, the discussions underscored progress in FTA negotiations.
Goyal acknowledged the need for “political guidance” to finalise an agreement that balances commercial significance with the sensitivities of both sides.
Sustainability emerged as a key topic in the discussions, with Goyal emphasising the principle of Common But Differentiated Responsibility (CBDR) to account for differing development trajectories.
He projected significant economic growth for India, stating, “The Indian economy is expected to grow at 7-8 per cent annually to become the third largest economy in the world over the next few years.”
He also predicted India’s GDP could reach $35 trillion by 2047.
European representatives echoed this sentiment, emphasising the untapped economic opportunities between the two regions.
The discussions also focused on the India-EU Trade and Technology Council, a unique strategic platform that India shares only with the EU and the United States.
Bilateral trade data underscored the strength of the partnership, with India-EU goods trade reaching $137.41 billion in 2023-24, making the EU India’s largest trading partner for goods. Additionally, services trade between the two stood at $51.45 billion in 2023.
Goyal emphasized that the FTA would further diversify and expand India’s exports while strengthening critical value chains.
He reiterated India’s broader strategy of pursuing balanced trade agreements with major global economies to enhance its international market presence.
Expressing optimism, Goyal stated that a comprehensive FTA with the EU would drive sustainable economic growth for both regions.
