New Delhi [India], September 12 : Union Commerce and Industry Minister Piyush Goyal on Friday stressed that New Delhi is looking forward to a "very robust, fair, equitable, balanced, mutually beneficial" Free Trade Agreement with the EU that would strengthen the relationship between Europe and India.
European Trade Commissioner Maros Sefcovic and Commissioner for Agriculture and Food Christophe Hansen are on a visit to India from September 12-13. They will lead the negotiations on the Free-Trade Agreement (FTA) between India and the European Union.
Speaking at the Automotive Component Manufacturers Association of India (ACMA) annual convention in New Delhi, Goyal said, "We are looking forward to a very robust, fair, equitable, balanced, mutually beneficial, win-win partnership in terms of an enduring Free Trade Agreement which will outlive all of us in
He added that negotiations between India and the EU were moving with "sincere efforts" on both sides. "Maros (Sefcovic, EU Commissioner for Trade and Economic Security) and I are working very sincerely, along with our wonderful teams who are even engaged in very intense negotiations... we are working towards the shared prosperity of the EU and India," he said.
While addressing the gathering, the minister pointed out that such agreements always "have some give and take. There can never be a perfect situation, and we should not make the perfect the enemy of the good. The possibilities we are trying to unlock are immense," he noted.
Highlighting the role of the automotive industry, Goyal said the sector had been the "torchbearer of the Make in India programme" and that the government was taking steps to support growth. He cited the reduction of Goods and Services Tax (GST) on auto components from 28 per cent to 18 per cent as a "bold decision" by Prime Minister Narendra Modi. "This massive reduction in indirect taxes... is going to be the biggest reform that the country has seen since Independence," he added.
Goyal also urged the industry to collaborate with European partners, invest in research and development, and build resilient supply chains. "We must build resilience, build strategic partnerships, strengthen our supply chains domestically and globally, create more jobs in the country, and focus on better standards of service," he said.
Taking to social media, the Union Minister said, "Had a fruitful interaction with Maros Sefcovic, EU Commissioner for Trade and Economic Security, and Christophe Hansen, Commissioner for Agriculture and Food, along with the EU delegation over the working lunch. We remain committed to achieving a balanced and mutually beneficial FTA, opening new avenues for businesses and maximising opportunities for the shared growth of India and the EU."
European Union Commissioner for Trade and Economic Security Maros Sefcovic, who also addressed the ACMA convention, echoed the optimism around the FTA. "The Free Trade Agreement will facilitate two-way trade flows between India and the EU with liberalization across all automotive components, a true win-win scenario," Sefcovic said.
He highlighted the scale of bilateral trade between India and the EU, noting, "Our overall bilateral trade reached EUR 140 billion two years ago... and European businesses in India have created more than 3 million jobs."
Sefcovic highlighted that trade between the two sides had grown by nearly 90 per cent over the past decade, calling it evidence of "huge potential" for future cooperation. He said the EU-India partnership should focus on advanced technologies, clean mobility and strengthening supply chains.
"The automotive sector is the most competitive and innovative... it powers both of our economies and should be at the center of the partnership," he added.
Sefcovic also said that efforts were being made to conclude the FTA negotiations by the end of this year, as agreed by Prime Minister Narendra Modi and the President of the European Commission. "Our Free Trade Agreement will not only benefit businesses and consumers but also bring Europe and India closer together in prosperity, supply chain strength, climate goals, emerging technologies and global security," he said.
Both leaders agreed that the future of the auto industry lay in innovation and collaboration, with India's manufacturing strengths and Europe's green technologies offering strong complementarities.