New Delhi [India], December 12 : Union Minister of Commerce and Industry Piyush Goyal reaffirmed India's commitment to forging a balanced, ambitious, and mutually beneficial Free Trade Agreement (FTA) with the European Union (EU) during an interaction with Ambassadors from the European Commission delegation and member states.
According to the Ministry of Commerce and Industry, the meeting, attended by representatives from Austria, Belgium, Bulgaria, and several other EU nations, along with senior Indian officials, emphasized the growing trade and economic partnership between India and the EU.
Highlighting the progress in the FTA negotiations, Goyal acknowledged the need for political guidance to finalize a commercially meaningful agreement that respects the sensitivities of both parties.
He emphasized the importance of sustainability discussions, advocating for the principle of Common But Differentiated Responsibility (CBDR) to address varying development trajectories.
"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," Goyal stated, projecting that India's GDP could reach USD 35 trillion by 2047.
He underscored that integrating India and the EU economies would unlock immense potential and strengthen global supply chain resilience.
The European representatives echoed these sentiments, highlighting the vast untapped economic opportunities between the two regions. Discussions also extended to the India-EU Trade and Technology Council, a unique mechanism India shares exclusively with the EU apart from the United States, underscoring the strategic depth of their relationship.
India's bilateral trade in goods with the EU reached USD 137.41 billion in 2023-24, making the EU India's largest trading partner for goods.
Furthermore, bilateral trade in services between the two partners stood at an impressive USD 51.45 billion in 2023. Goyal stressed that the FTA would be instrumental in further diversifying and expanding India's exports while strengthening critical value chains.
The Minister reiterated India's broader strategy of forging balanced trade agreements with major global economies to boost its market share in international trade. He expressed confidence that a comprehensive agreement with the EU would drive sustainable economic growth for both regions.
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