November 24, 2024 19:55 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Mahayuti routs MVA in Maharashtra, INDIA retains Jharkhand; Priyanka's triumphant poll debut | How can Mahayuti win over 200 seats? Sanjay Raut cries foul over Maharashtra mandate | 'Third World War has begun:' Ex-Ukraine military commander-in-chief Valery Zaluzhny | UK-India Free Trade Agreement negotiations to resume in early 2024 | UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws | Canadian government denies media report that claims PM Modi knew of Khalistani leader Nijjar's killing
India-EU
Goyal stressed on the importance of fair, equitable and balanced trade between India and EU. Photo courtesy: Goyal/FB

Two-way India-EU trade can grow exponentially with mutual understanding, says Union Commerce Minister Piyush Goyal

| @indiablooms | Nov 10, 2024, at 02:58 pm
#PiyushGoyal #IndiaEUTrade #FederationOfEuropeanBusinessInIndia

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.

Speaking of the India-European Union (EU) partnership, Goyal added that respect for democracy and rule of law and similarity of views on fair trade will help the trade to grow exponentially.

"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. 
 
The Minister stressed on the importance of fair, equitable and balanced trade practices.

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 highlighted  that European companies are attracted to India not just for its market but also the vibrant democracy, rule of law, demographic dividend and decisive leadership that India provides which assures stability and growth.
 
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.
 
He congratulated FEBI for taking the initiative for being a voice of Europe and added that FEBI should act as a two way bridge between EU and India. The Minister highlighted the role of FEBI as a body to take trade engagement between the two sides to the next level by ensuring that the concerns of businesses of both parties are addressed.

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 Minister cited the successful business expansions of Tata Group under his leadership. The Minister noted that he was a true friend of expanding business between the countries.

The Federation of European Business in India (FEBI) was launched on Saturday, highlighting the strong economic ties between India and the European Union. 
 
According to the Ambassador of the EU to India, Herve Delphin, the European bloc remains India’s largest trading partner, with over 4,000 European companies operating in India. 
 
He also announced that the India-EU Summit is set to take place in India next year and ongoing discussions around the FTA further strengthen bilateral relations.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador
Veedol signs former Indian skipper Sourav Ganguly as brand ambassador Jun 29, 2024, at 06:38 am
In Images: Glimpses from Bengali film Fatafati's premiere
In Images: Glimpses from Bengali film Fatafati's premiere May 13, 2023, at 08:39 pm
Gautam Adani meets Bangladesh PM Sheikh Hasina
Gautam Adani meets Bangladesh PM Sheikh Hasina Sep 06, 2022, at 06:46 am