By TIOL News Service

NEW DELHI, DEC 12, 2024: UNION Minister of Commerce and Industry Piyush Goyal interacted 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 meeting was attended by Minister of State for Commerce and Industry Jitin Prasada, Commerce Secretary, Secretary, DPIIT and other senior officials.

Talking about growing proximity and rising trade between India and the EU, Goyal said that both sides are aiming for a balanced, ambitious, comprehensive and mutually beneficial Free Trade Agreement (FTA). The FTA negotiations, after 9 rounds of intense engagement, need political directions to arrive at a commercially meaningful deal while understanding the sensitivities of each other. 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 USD 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 USD 51.45 billion. The trade agreement with the EU would help India in further expanding and diversifying 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.