Piyush Goyal Defends India-EU FTA Amidst Political Criticism

Union Minister Piyush Goyal strongly refutes Congress' criticism of the India-EU FTA, labeling it 'sour grapes.' Goyal stressed the agreement's benefits, challenging claims by Jairam Ramesh and addressing concerns over trade, CBAM, and industries like auto and refined fuels in a bid to promote economic growth.

Union Commerce and Industry Minister Piyush Goyal has dismissed the criticism from Congress leader Jairam Ramesh over the India-EU Free Trade Agreement (FTA), labeling the objections as 'sour grapes.' Goyal emphasized that the FTA represents a mutually beneficial deal, arguing that critiques stem from a history of inaction by previous governments.

Highlighting the agreement's economic potential, Goyal questioned allegations of overhyping, citing the combined GDP of USD 25 trillion and a global trade reach of USD 11 trillion. He pointed out India's labor-intensive exports and future growth opportunities, countering Ramesh's skepticism with the tangible benefits for both parties.

Goyal also tackled concerns related to CBAM, automotive industries, and regulatory issues, assuring that these are being addressed through cooperative channels. He reassured stakeholders that India's approach involves liberalizing auto imports to encourage local manufacturing and maintaining regulatory rights under the FTA to safeguard health and safety without imposing unfair trade barriers.