Empowering MSMEs with News & Insights

Commerce Minister Piyush Goyal Advocates Deepening Economic Ties With Europe

Updated: Feb 22, 2024 06:09:39pm

Commerce Minister Piyush Goyal Advocates Deepening Economic Ties With Europe

New Delhi, Feb 22 (KNN) Commerce Minister Piyush Goyal emphasised the need for European nations to bolster their economic engagement with India during the India-Europe Partnership for Better Sustainable Future Conclave, hosted by the Confederation of Indian Industry.

Goyal articulated that such collaboration would not only reduce production costs but also enhance supply-chain reliability while providing access to India's burgeoning market.

Goyal's remarks come amid New Delhi's active negotiations with the United Kingdom, the European Union, and the European Free Trade Association for separate free trade agreements (FTAs).

Addressing concerns raised by other speakers regarding FTAs, bilateral investment treaties (BITs), or agreements on geographical indicators (GIs), Goyal assured fair, equitable, and balanced negotiations, prioritising India's broader interests in the long term.

As negotiations for FTAs with the UK and the EFTA progress, with political approval pending, India is currently engaged in the seventh round of talks with the EU in New Delhi.

Additionally, a high-level delegation led by the commerce secretary is in London to advance discussions on the UK deal.

Asserting India's negotiation stance from a position of strength, Goyal stressed the mutual benefits for the developed world in aligning with the world's fastest-growing major economy.

He underscored India's commitment to sustainable development and environmental protection, cautioning against the inclusion of non-trade issues in trade talks.

Goyal, slated to represent India at the 13th Ministerial (MC13) of the World Trade Organisation in Abu Dhabi, reiterated India's responsible stance on global efforts towards a better future.

With a demographic dividend and a youthful population, India is poised to offer political stability and decisive leadership, encapsulating a three-dimensional vision: democracy, demography, and demand.

Germany highlighted its collaboration with India to tackle climate change and achieve sustainable growth.

Tobias Lindner, Minister of State at the Federal Foreign Office, Germany, emphasised the potential of ongoing negotiations for an EU-India FTA to bolster trade and economic integration.

According to data from the Confederation of Indian Industry, Europe stands as India's second-largest trading partner, with bilateral trade exceeding USD 185 billion in 2022-23, including exports worth USD 96.90 billion.

Europe accounts for 21.8 per cent of India's total exports, underlining the significance of strengthening economic ties between the two regions.

(KNN Bureau)


    Be first to give your comments.


Required fields are marked *