Union Minister for Commerce and Industry Piyush Goyal repeated India’s commitment to negotiating a comprehensive and mutually beneficial Free Trade Agreement (FTA) with the European Union (EU) during a recent discussion with the European Commission delegation and ambassadors from various EU member states.


According to the Ministry of Commerce and Industry, the meeting highlighted the deepening of trade and economic partnership between India and the EU.


The discussions, attended by senior Indian officials and representatives of EU countries such as Austria, Belgium and Bulgaria, underlined progress in the FTA negotiations.


Goyal acknowledged the need for “political guidance” to finalize an agreement that balances commercial significance with the sensitivities of both parties.


Sustainability emerged as a key topic in the discussions, with Goyal emphasizing the principle of common but differentiated responsibility (CBDR) to take into account different development paths.


Predicting significant economic growth for India, he stated, “The Indian economy is expected to grow at an annual rate of 7 to 8 percent and become the third largest economy in the world in the coming years.”


He also predicted that India’s gross domestic product could reach $35 trillion by 2047.


The minister highlighted the transformative potential of the integration of the Indian and EU economies, noting that this collaboration would enhance the resilience of the global supply chain.


European representatives echoed this sentiment, highlighting 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 underlined the strength of the partnership: India-EU trade in goods reached $137.41 billion between 2023 and 2024, making the EU India’s largest goods trading partner. Moreover, services trade between the two amounted to US$51.45 billion in 2023.


Goyal emphasized that the FTA would further diversify and expand India’s exports while strengthening crucial value chains.


He reiterated India’s broader strategy to pursue balanced trade agreements with major global economies to increase its international market presence.


Goyal expressed optimism, stating that a comprehensive free trade agreement with the EU would boost sustainable economic growth for both regions.


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