Piyush Goyal calls for mutual respect for faster negotiations of India-EU free trade agreement

Union Minister Piyush Goyal emphasized the potential for a deeper strategic partnership between India and the European Union (EU), at the 18th Asia Pacific Conference of German Business on Friday in New Delhi.

He advocated for mutual respect and understanding in the negotiations of Free Trade Agreement (FTA) between the two sides.

“India can offer a very large market with 1.4 billion aspirational and younger. I believe in India, EU, deeper engagement, possibly an FTA will benefit both sides. You have technologies, you have ideas, you have innovations, but you have high costs of manufacturing, high cost of providing those services.” said Goyal

Goyal identified three key areas where respect is essential to expedite the FTA process.

He stated, “If you respect three things the FTA can happen very fast- Respect each other sensitivities, if we respect each other’s sensitivities, with Australia, with UAE, the very first decision we took was we respect each other’s sensitivities and not encroach on issues which can moment.”

Goyal added, “Second, if you respect the sensitivity of USD 1,000 per capita economy with a USD 60,000 per capita economy, where our people also aspire to reach that 60,000 if not more. We have to respect that. We have to return that transition, that opportunity, to get there, India is no more a pushover.”

Goyal underscored India’s growing influence in the Asia-Pacific region, stating, “We do believe we (India and German) can deepen this strategic partnership significantly. Asia Pacific region, home to 60 per cent of the world’s population, expected to house two thirds of the global middle class in the next decade, is where the action is.”

He added, India’s robust macroeconomic foundation, with unprecedented infrastructure development, makes it an attractive destination for global investors.

“We are building infrastructure never seen before, phase, and therefore we are in a sweet spot where reform, resilience and readiness for the future is available for businesses from across the world today, we stand stronger, smarter.” said Goyal.

He added, “Prime Minister Narendra Modi being re-elected in these turbulent times for the third Time, once again as the leader of the country, and ready and willing to work three times faster, three times harder than three times more outcomes in his third term, so that India becomes the world’s third largest economy in the next three years friends.”

The minister emphasized the potential for collaboration between India and Germany, leveraging Germany’s expertise in precision engineering and India’s strength in scaling up infrastructure, both physical and digital.

Goyal emphasised, “Germany perfected the art of precision engineering, India’s are mastered the art of scaling up, whether it’s physical or digital or social infrastructure, we are operating at a scale that very few countries can match together.”

“We can combine your precision and our large scale to create something truly extraordinary, not just for our nations, but for the world. The synergies between India and Germany can drive unprecedented growth as We gather over the next two days, this conference will be key to identifying emerging trends and tactic local challenges,” he added