Union Minister Piyush Goyal emphasized the potential for a deeper strategic partnership between India and the European Union (EU), at the 18th Asia Pacific Conference of German Business on Friday in New Delhi.
He advocated for mutual respect and understanding in the negotiations of Free Trade Agreement (FTA) between the two sides.
“India can offer a very large market with 1.4 billion aspirational and younger. I believe in India, EU, deeper engagement, possibly an FTA will benefit both sides. You have technologies, you have ideas, you have innovations, but you have high costs of manufacturing, high cost of providing those services.” said Goyal
Goyal outlined three areas of respect essential for progressing the FTA quickly. He first underscored respecting each other’s sensitivities, citing the agreements India achieved with Australia and the UAE as models for harmonious negotiations. Second, he highlighted the economic differences, asking for acknowledgment of India’s $1,000 per capita economy compared to the EU’s $60,000, noting that India’s ambitions to bridge this gap must be honored. Finally, Goyal stressed India’s strengthened role in the Asia-Pacific region, which hosts 60% of the world’s population and will soon represent two-thirds of the global middle class.
He highlighted India’s strong macroeconomic foundation and extensive infrastructure development, presenting the nation as an increasingly attractive destination for global investors.
The minister emphasized the potential for collaboration between India and Germany, leveraging Germany’s expertise in precision engineering and India’s strength in scaling up infrastructure, both physical and digital.
“We can combine your precision and our large scale to create something truly extraordinary, not just for our nations, but for the world. The synergies between India and Germany can drive unprecedented growth as We gather over the next two days, this conference will be key to identifying emerging trends and tactic local challenges,” he added.
(ANI)
