India, EU Must Take Bold Steps to Dismantle Trade Barriers: Piyush Goyal
Union Commerce Minister Piyush Goyal stated that tangible steps must be taken to eliminate the current trade barriers for accelerating the negotiations and achieve a free trade agreement (FTA) between India and the European Union (EU).
The minister pointed out that both parties require a better appreciation of the barriers stalling the agreement since there is huge potential to expand from the current level of bilateral trade worth $15 billion.
"I am of the opinion that concrete measures need to be taken to fast-track the completion of the FTA between India and EU. That will take both EU, its member nations and India working in a cooperative spirit to forge a mutual faith and greater appreciation of the trade barriers which are inhibiting the trade agreement between us", Goyal said at the 'Italy-India Business, Science and Technology Forum' here.
The minister also stressed on the importance of promoting investments between Italy and India and facilitating trade between businesses of the two nations without hindrance, Goyal said.
The Prime Minister of India, Narendra Modi, and President of the European Commission Ursula von der Leyen agreed to fasten the finalisation of the India-EU FTA by the end of this year, at a meeting attended in Delhi during the last month.
The visit of the EU President took place against the backdrop of the tariff increases suggested against all nations by US President Donald Trump (currently suspended until July 9 for all countries except for China) under his 'America First' policy that is threatening to upset global trade and increased uncertainty in the global economy.
PM Modi and the President of the European Commission undertook to instruct their respective negotiating teams to negotiate towards a balanced, ambitious, and mutually beneficial FTA.
Officials were requested to serve as reliable partners to improve market access and eliminate barriers to trade. They were also mandated to drive negotiations on an Agreement on Investment Protection and an Agreement on Geographical Indications. The EU is India's biggest trading partner, with 124 billion pounds of trade in goods in 2023, or 12.2 per cent of all Indian trade.
