India-EU aim for mutually beneficial FTA, need political direction for commercially meaningful deal: Piyush Goyal
New Delhi: India and the European Union (EU) are working towards finalising a Free Trade Agreement (FTA) that balances ambition with mutual sensitivity, aiming to bolster economic ties and strengthen supply chain resilience, Commerce Minister Piyush Goyal said on Thursday.
The minister made the remark during an interaction with Ambassadors of the European Commission delegation, Austria, Belgium, Bulgaria, Czech Republic, Estonia, Italy, Ireland, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovak Republic, Spain and Sweden, the Ministry of Commerce & Industry said in a statement.
The FTA negotiations, after nine rounds of intense engagement, need political directions to arrive at a commercially meaningful deal while understanding the sensitivities of each other, he said.
Held a productive meeting with ambassadors from EU member states alongside MoS @JitinPrasada ji, focusing on enhancing bilateral trade & commerce ties and advancing the India-EU Free Trade Agreement (FTA).
— Piyush Goyal (@PiyushGoyal) December 11, 2024
Aiming for a mutually beneficial and progressive outcome that fosters… pic.twitter.com/WgeSONrFPM
The minister further underlined that any sustainability discussions must appreciate the principle of Common But Differentiated Responsibility (CBDR) and implementation of such measures should take into account differing paths of development.
He added that the Indian economy is expected to grow at 7-8% annually to become the third largest economy in the world over the next few years.
Thereafter, rapid and exponential growth would help India’s GDP to reach the milestone of $35 Trillion by 2047.
Acknowledging the large and untapped economic potential, the European side underscored that both sides would gain tremendously by integrating the two economies and building resilience in their supply chains.
The interaction also accorded an opportunity to discuss progress in the India-EU Trade and Technology Council. India is the only country, other than the United States, with which the EU has such a mechanism.
India’s bilateral trade in goods with the EU was USD 137.41 billion in 2023-24, making it the largest trading partner of India for goods.
In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at US$ 51.45 billion.
The trade agreement with the EU would help India further expand and diversify its exports of goods and services while securing the value chains. India is seeking to forge balanced agreements with major world economies to increase its market share in global trade, the commerce ministry said.
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