India and EU aiming for a comprehensive and mutually beneficial Free Trade Agreement

The 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. 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. 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 $35 Trillion by 2047.

 

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 US$ 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.

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