India-EU Trade Can Grow Exponentially With Enhanced Cooperation: Piyush Goyal

New Delhi, Oct 14 (KNN) In a significant development for India-European Union (EU) relations, Union Minister for Commerce and Industry Piyush Goyal has emphasised the potential for exponential growth in bilateral trade, contingent on mutual understanding and meaningful cooperation.

Goyal's remarks came during the launch of the Federation of European Business in India (FEBI) in New Delhi, where he underscored the importance of shared values in democracy and fair trade practices as key drivers for enhanced economic ties.

The Minister highlighted the current challenges facing the India-EU partnership, noting that certain EU policies and actions have impacted Indian industry.

These include regulations related to deforestation, the Carbon Border Adjustment Mechanism (CBAM), and issues surrounding the principle of Common But Differentiated Responsibilities (CBDR).

Goyal stressed that in today's interconnected world, solutions must be sought through mutual cooperation rather than retaliatory measures.

Addressing the ongoing Free Trade Agreement (FTA) negotiations between India and the EU, Goyal advocated for a focused approach that prioritises business and trade issues.

He cautioned against the inclusion of extraneous matters that fall outside the scope of the FTA, emphasising the need for fair, equitable, and balanced trade practices.

Goyal also pointed out the growing attraction of India for European companies, attributing it not only to the country's market potential but also to its vibrant democracy, rule of law, demographic dividend, and decisive leadership.

These factors, according to the Minister, provide assurances of stability and growth, making India an increasingly appealing destination for European investment.

The Minister's statements reflect a nuanced approach to international trade relations, acknowledging both the challenges and opportunities in the India-EU partnership.

As negotiations continue, the emphasis on mutual understanding and cooperation signals a potential pathway for strengthening economic ties between these two significant global players.

(KNN Bureau)