India-EU trade can grow exponentially with mutual understanding and cooperation, says Piyush Goyal
Oct 11, 2024
New Delhi [India], October 12 : Union Minister for Commerce and Industry Piyush Goyal said on Friday 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, the Ministry of Commerce & Industry said in a release.
Goyal remarked that the world today cannot work on the principle of retaliation but has to find solutions through mutual cooperation.
He 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.
He 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.
Goyal said that in line with Prime Minister Shri Narendra Modi's mission to make India a developed nation by 2047, as the Indian economy grows from USD 3.5 trillion to USD 35 trillion, it offers European businesses the chance to participate and benefit.
He congratulated FEBI for taking the initiative for being a voice of Europe and added that FEBI should act as a two way bridge between EU and India.
The Minister highlighted the role of FEBI as a body to take trade engagement between the two sides to the next level by ensuring that the concerns of businesses of both parties are addressed.
Speaking about the EU-India Trade and Technology Council (TTC), Goyal called for mutual support in business practices and trade. He identified key areas of engagement for the council including green technology, clean energy, global value chains, strategic technology missions, and semiconductor missions.
He also paid homage to Late Ratan Tata, stating that he was someone who brought Europe and India closer to each other. The Minister cited the successful business expansions of Tata Group under his leadership.
The Minister noted that he was a true friend of expanding business between the countries.
The Federation of European Business in India (FEBI) was launched on Friday, highlighting the strong economic ties between India and the European Union.
According to the Ambassador of the EU to India, H.E. Herve Delphin, the European bloc remains India's largest trading partner, with over 4,000 European companies operating in India.
He also announced that the India-EU Summit is set to take place in India next year and ongoing discussions around the FTA further strengthen bilateral relations, the ministry added.
