The Union Minister of Commerce and Industry, Mr. Piyush Goyal, engaged in discussions with Ambassadors of the European Commission delegation and representatives from Austria, Belgium, Bulgaria, Czech Republic, Estonia, Italy, Ireland, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovak Republic, Spain, and Sweden. The meeting, attended by Minister of State for Commerce and Industry Mr. Jitin Prasada, the Commerce Secretary, and senior officials, focused on strengthening India-EU ties, particularly in trade. He highlighted the growing proximity and rising trade between India and the EU, emphasising the goal of a balanced, ambitious, and mutually beneficial Free Trade Agreement (FTA). After nine rounds of negotiations, the need for political direction was stressed to reach a commercially meaningful deal with sensitivity to each side’s interests. He also underscored that any sustainability discussions should respect the principle of Common but Differentiated Responsibility (CBDR) and consider the varying development paths of both economies.
He projected that India’s economy would grow at 7-8% annually, positioning it as the third-largest economy globally by the coming years, with a projected GDP of US$ 35 trillion (Rs. 29,70,45,000 crore) by 2047. The EU delegation acknowledged the significant untapped potential in the partnership, stressing that deeper economic integration and resilient supply chains would benefit both sides. In FY23, India’s bilateral trade in goods with the EU reached US$ 137.41 billion (Rs. 11,66,199 crore), making the EU India’s largest trading partner in goods. Trade in services stood at US$ 51.45 billion (Rs. 4,36,656 crore) in FY23. The potential trade agreement would further boost India’s exports and secure global value chains as it seeks balanced agreements with major economies to increase its global market share.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.