Summary:

Union Minister Piyush Goyal met with European Commission Ambassadors and representatives from 16 countries to strengthen India-EU commercial cooperation. The discussions, which included top officials, centered on a balanced, mutually beneficial Free Trade Agreement. Mr. Goyal emphasized the growing closeness between India and the EU, trade growth, and the need for political direction in talks, while advocating for sustainability conversations that respect Common but Differentiated Responsibility (CBDR) and divergent development paths.

India's economy is expected to grow at a 7-8% annual rate, positioning it as the world's third-largest economy with a projected GDP of US$ 35 trillion (Rs. 29,70,45,000 crore) by 2047. The EU delegation highlighted the untapped potential of the partnership, focusing on stronger economic integration and resilient supply chains. In FY23, bilateral trade in goods between India and the EU totaled US$ 137.41 billion (Rs. 11,66,199 crore), making the EU India's largest trading partner in goods and services.

Source: IBEF

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