Union Minister for Commerce and Industry Piyush Goyal recently stated that two way trade between Europe and India can grow exponentially if both sides understand each other's concern and cooperate meaningfully. He was speaking at the launch of the Federation of European Business in India (FEBI) in New Delhi. Speaking of the India-European Union (EU) partnership, Goyal added that respect for democracy and rule of law and similarity of views on fair trade will help our trade to grow exponentially.
Goyal remarked that the world today cannot work on the principle of retaliation but has to find solutions through mutual cooperation. Goyal added that EU's policies and actions like rules related to deforestation, Carbon Border Adjustment Mechanism (CBAM), non-adherence to Common But Differentiated Responsibilities (CBDR), etc. have impacted the Indian industry. The Minister stressed on the importance of fair, equitable and balanced trade practices.
Speaking about the Free Trade Agreement (FTA) negotiations with the European Union, the Minister said that the focus should be on business and trade issues and not on extraneous items falling outside the remit of FTA. Goyal highlighted that European companies are attracted to India not just for its market but also the vibrant democracy, rule of law, demographic dividend and decisive leadership that India provides which assures stability and growth.
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