North News
New Delhi, December 12
Union Minister of Commerce and Industry Piyush Goyal emphasized India’s growing trade ties with the European Union, outlining ambitions for a balanced, ambitious, and mutually beneficial Free Trade Agreement (FTA). Following nine rounds of negotiations, both sides are seeking political guidance to finalize a deal that respects each other’s sensitivities.
Goyal stressed that discussions on sustainability should reflect the principle of Common But Differentiated Responsibility (CBDR), recognizing varying development paths. He highlighted India’s projected 7-8% annual growth rate, forecasting the country will become the world’s third-largest economy and reach a $35 trillion GDP by 2047.
The European side acknowledged the economic potential of the partnership, with both sides benefiting from greater integration and more resilient supply chains. Goyal also noted progress in the India-EU Trade and Technology Council, a unique collaboration between the EU and India, alongside the U.S.
Goyal interacted with ambassadors from various European countries, including Austria, Belgium, Italy, and Spain. India’s bilateral trade in goods with the EU was valued at $137.41 billion in 2023-24, and services trade amounted to $51.45 billion in 2023.
