Two-way India-EU trade can grow exponentially with mutual understanding, says Union Commerce Minister Piyush Goyal
New Delhi/IBNS: Union Minister for Commerce and Industry Piyush Goyal said 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 on Saturday.
"The world today cannot work on the principle of retaliation but has to find solutions through mutual cooperation," Goyal said, adding 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.
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 said that in line with Prime Minister Narendra Modi’s mission to make India a developed nation by 2047, as the Indian economy grows from US$3.5 trillion to US$35 trillion, it offers European businesses the chance to participate and benefit.
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.
Goyal paid homage to industrialist and national icon Ratan Tata, who passed away last Wednesday, stating that he was someone who brought Europe and India closer to each other.
The Federation of European Business in India (FEBI) was launched on Saturday, highlighting the strong economic ties between India and the European Union.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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