Piyush Goyal Highlights Potential for Exponential Growth in India-EU Trade at FEBI Launch

Goyal remarked that the world can no longer operate on principles of retaliation but must focus on solutions through mutual cooperation.

Union Minister for Commerce and Industry, Shri Piyush Goyal, emphasized the potential for exponential growth in India-EU two-way trade, provided both sides address each other’s concerns and collaborate meaningfully. Speaking at the launch of the Federation of European Business in India (FEBI) in New Delhi, Goyal highlighted the India-European Union partnership as one built on shared values like respect for democracy and the rule of law, which could propel trade to new heights.

Goyal remarked that the world can no longer operate on principles of retaliation but must focus on solutions through mutual cooperation. He expressed concerns over the EU's policies such as the Carbon Border Adjustment Mechanism (CBAM), deforestation rules, and the non-adherence to Common But Differentiated Responsibilities (CBDR), noting their impact on Indian industry. The Minister emphasized the importance of fair, balanced, and equitable trade practices.

On the ongoing Free Trade Agreement (FTA) negotiations with the EU, Goyal stressed that the talks should remain focused on core business and trade issues, avoiding topics beyond the FTA’s remit. He pointed out that European companies are increasingly drawn to India not only for its large market but also due to its vibrant democracy, rule of law, young workforce, and decisive leadership under Prime Minister Narendra Modi, which offers stability and opportunities for growth.

Goyal outlined India’s ambitious economic trajectory, noting that as India’s economy grows from $3.5 trillion to $35 trillion by 2047, there are immense opportunities for European businesses to benefit from this growth. He urged FEBI to act as a bridge between the EU and India, facilitating a stronger trade relationship by addressing the concerns of businesses on both sides.

The Minister also underscored the significance of the EU-India Trade and Technology Council (TTC), calling for greater cooperation in key areas like green technology, clean energy, strategic technology missions, and semiconductors. Goyal paid tribute to the late Shri Ratan Tata, acknowledging his role in strengthening economic ties between Europe and India through the successful expansion of the Tata Group in Europe.

The launch of FEBI marks a major step in solidifying economic ties between India and the EU. EU Ambassador H.E. Herve Delphin highlighted that the EU remains India’s largest trading partner, with over 4,000 European companies operating in India. He announced that the upcoming India-EU Summit in India next year, along with ongoing FTA discussions, will further enhance bilateral relations.

The event underscored the potential for deepening the economic partnership between India and Europe, as both sides continue to explore opportunities for growth and mutual benefit.