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Highlighting growing proximity and rising trade between India and the European Union (EU), Union Minister of Commerce and Industry Piyush Goyal has 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. 

Goyal further underlined that any sustainability discussions must appreciate the principle of Common But Differentiated Responsibility (CBDR) and implementation of such measures should take into account differing paths of development. 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. 

During interaction of Commerce and Industry Minister with Ambassadors of the European Commission Delegation and member States of the European Union, the European side underscored that both sides would gain tremendously by integrating the two economies and building resilience in their supply chains. The interaction also accorded an opportunity to discuss progress in the India-EU Trade and Technology Council. India is the only country, other than the United States, with which the EU has such a mechanism.