Union Commerce and Industry Minister Piyush Goyal on Wednesday held discussions with ambassadors from the European Commission and 17 EU member states, focusing on advancing the India-EU Free Trade Agreement (FTA) and exploring deeper economic collaboration. The meeting was attended by Minister of State for Commerce and Industry Jitin Prasada, senior officials, and representatives from the Commerce Ministry and DPIIT.
Highlighting the growing trade ties between India and the EU, Goyal emphasized the mutual goal of achieving a balanced, ambitious, and comprehensive FTA. After nine rounds of negotiations, both sides recognize the need for political direction to finalize a commercially meaningful agreement while respecting each other’s economic sensitivities.
The minister reiterated India’s commitment to sustainable development but stressed the importance of acknowledging Common But Differentiated Responsibility (CBDR) principles. He noted that India’s rapid economic growth, projected at 7-8% annually, positions the country to become the world’s third-largest economy in the coming years, with GDP expected to reach $35 trillion by 2047.
The European side acknowledged the untapped economic potential between the two regions, highlighting the mutual benefits of integrating their economies and enhancing supply chain resilience. Discussions also included updates on the India-EU Trade and Technology Council, a unique mechanism that India shares only with the United States.
The EU remains India’s largest trading partner for goods, with bilateral trade in goods reaching $137.41 billion in 2023-24. Additionally, services trade between India and the EU was estimated at $51.45 billion in 2023.
