India Nears Major EU Trade Breakthrough

India and the European Union are on the verge of concluding a significant Free Trade Agreement (FTA), says Commerce Minister Piyush Goyal. While only a few issues remain unresolved, both parties are committed to respecting each other's sensitivities to foster growth and mutual economic benefits.

Union Minister of Commerce and Industry Piyush Goyal has expressed hopeful anticipation regarding the finalization of the India-European Union Free Trade Agreement (FTA), indicating that the landmark deal may soon come to fruition. At a press briefing in Switzerland, he highlighted proximity to an agreement, saying, "We are really very near."

According to Goyal, only a handful of issues stand between the two parties. He noted, 'There are just a few issues remaining to be sorted out,' emphasizing a mutual respect for each other's sensitivities to prevent longstanding irritants from hindering progress.

Drawing on India's successful trade pacts with the European Free Trade Association, the UK, Australia, and the UAE, Goyal emphasized a balanced, mutually beneficial framework is within reach. He stated, "The greatest growth opportunity in the years to come lies in India," projecting transformative economic impact as India aims to expand its economy to USD 30-35 trillion.

An agreement respecting different development stages and inclusive trade regulations could revolutionize economic relations, fostering development across the 27 EU nations and India. Goyal is optimistic about a swift conclusion: "I think we are very close to finalising a very good, robust free trade agreement with the EU faster than most people would imagine."

(With inputs from agencies.)