Bilateral trade was US$137.41bn in 2023-24, says Ministry
The Free Trade Agreement (FTA) negotiations, after 9 rounds of intense engagement, need political directions to arrive at a commercially meaningful deal while understanding the sensitivities of each other, said Minister of Commerce and Industry.
He further underlined that any sustainability discussions must appreciate the principle of ‘Common But Differentiated Responsibility’ (CBDR) and implementation of such measures should take into account differing paths of development.
The Minister made the points during interaction with Ambassadors of the European Commission delegation, Austria, Belgium, Bulgaria, Czech Republic, Estonia, Italy, Ireland, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovak Republic, Spain and Sweden http://ecb.europa.eu.
Talking about growing proximity and rising trade between India and the EU on 12 Dec, Goyal said that both sides are aiming for a balanced, ambitious, comprehensive and mutually beneficial https://www.nseindia.com/ .
He pointed out that the Indian economy is expected to grow at 7-8% annually to become the third largest economy in the world over the next few years. Thereafter, rapid and exponential growth would help India’s GDP to reach the milestone of US$35 trillion by 2047 https://www.bseindia.com/ .
Acknowledging the large and untapped economic potential, the European side underscored that both sides would gain tremendously by integrating the two economies and building resilience in their supply chains.
The interaction also accorded an opportunity to discuss progress in the India-EU Trade and Technology Council. India is the only country, other than the United States, with which the EU has such a mechanism https://sbi.com.in/.
India’s bilateral trade in goods with the EU was US$137.41 billion in 2023-24, making it the largest trading partner of India for goods. In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at US$51.45 billion https://www.londonstockexchange.com/.
The trade agreement with the EU would help India in further expanding and diversifying its exports of goods and services while securing the value chains http://euronext.com.
India is seeking to forge balanced agreements with major world economies to increase its market share in global trade, said the Commerce and Industry Ministry in a statement following the interaction http://deutsche-boerse.com.
The meeting was attended by Minister of State for Commerce and Industry Jitin Prasada, Commerce Secretary, Secretary, DPIIT and other senior officials. Fiinews.com
