India and the EU aim for a balanced, ambitious FTA to boost trade ties and economic integration, says Piyush Goyal.
Union Commerce and Industry Minister Piyush Goyal engaged with ambassadors from the European Commission delegation and EU member states, including Austria, Belgium, Italy, Spain, and Sweden, to advance discussions on a Free Trade Agreement (FTA) between India and the European Union.
Highlighting the strong trade ties, Goyal stated that both sides aim for a “balanced, ambitious, comprehensive, and mutually beneficial FTA.” Following nine rounds of intense negotiations, the Minister called for political direction to finalise a commercially meaningful deal while respecting each other’s sensitivities.
Goyal emphasised that sustainability discussions should adhere to the principle of Common But Differentiated Responsibility (CBDR), considering varied development trajectories. He projected India’s economy to grow at 7-8% annually, targeting a $35 trillion GDP by 2047, further solidifying its position as the world’s third-largest economy.
EU representatives acknowledged the untapped potential in bilateral trade and highlighted the benefits of integrating supply chains to strengthen resilience. Discussions also covered progress on the India-EU Trade and Technology Council, a unique mechanism the EU shares only with India and the United States.
In 2023-24, India-EU bilateral trade in goods reached USD 137.41 billion, making the EU India’s largest trading partner in goods. Bilateral trade in services stood at USD 51.45 billion. The proposed FTA is expected to enhance and diversify India’s exports while securing robust value chains.
This dialogue marks a pivotal step in strengthening economic ties between India and the EU, fostering growth and resilience in global trade.
