ADITYA RAJ DAS /
UNION minister for Commerce and Industry Piyush Goyal has said that India-Europe trade can grow exponentially with mutual understanding and cooperation. Speaking at the launch of the Federation of European Business in India in New Delhi on Friday, Mr Goyal the Minister said that the world cannot work on the principle of retaliation but has to find solutions through mutual cooperation.
He also said that the European Union’s policies and actions like rules related to deforestation, Carbon Border Adjustment Mechanism have impacted the Indian Industry.
Speaking about the Free Trade Agreement negotiations with the EU, the Minister highlighted that European countries are attracted to India for its vibrant democracy, rule of law, demographic dividend and decisive leadership which assures stability and growth.
Goyal remarked that the world today cannot work on the principle of retaliation but has to find solutions through mutual cooperation. Shri Goyal added 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. Shri 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 Shri 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.
Goyal 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), Shri 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.