Commenting on India-EU FTA, Union Commerce and Industry Minister Piyush Goyal said, “We will both be economies of significance and relevance and contribute to each other by free trade.”
“Looking forward to a robust, fair and equitable, balanced, mutually balanced and win-win partnership in terms of an endearing Free Trade Agreement which will strengthen the relationship between Europe and India,” he added.
The Minister also expressed confidence that the proposed FTA would be beneficial for the auto industry.
“I am confident that the auto industry will find the arrangements we propose very attractive, exciting, and beneficial for business growth. These arrangements will enable collaboration with partners from Europe and other parts of the world, encourage innovation and research, and support development in India,” he said.
Notably, several ministers from India, including Goyal, have been engaged in intense negotiations with EU Trade Commissioner Maros Sefcovic to work out a pact of shared prosperity between the EU and India.
Piyush Goyal met European Commission officials, including EU Commissioner for Agriculture and Food Christophe Hansen and EU Commissioner for Trade and Economic Security Maros Sefcovic, along with the EU delegation, for a working lunch.
Sharing pictures from the working lunch, Goyal wrote on X: “We remain committed to achieving a balanced and mutually beneficial FTA, opening new avenues for businesses and maximising opportunities for the shared growth of India and the EU.”
Foreign Secretary Vikram Misri also met with the European Union Political and Security Committee (PSC) delegation, led by Chair Delphine Pronk, on Friday. The India-EU free trade agreement is expected to be implemented later this year.
It is to be noted that the EU is India’s largest trading partner, with bilateral goods trade reaching $135 billion in 2023-24.
The 13th round of FTA talks will take place this week in New Delhi, followed by another round in Brussels.