India-EU Free Trade Agreement: Paving the Way for Economic Growth
India and the European Union are committed to finalizing a balanced free trade agreement, as highlighted by Indian Commerce Minister Piyush Goyal. The agreement aims to boost trade, investment, and technology partnerships, particularly benefiting sectors like automotive components. Negotiations, reaching an advanced stage, target conclusion by December.
- Country:
- India
India and the European Union are moving swiftly towards finalizing a comprehensive free trade agreement, with both parties showing strong commitment. Commerce and Industry Minister Piyush Goyal emphasized that negotiations are reaching a positive conclusion that will mutually benefit businesses and consumers.
At the Automotive Component Manufacturers Association, Goyal referred to intense negotiations with EU Trade Commissioner Maros Sefcovic, underscoring the challenge and skill involved in crafting a fair and balanced agreement suitable for both sides. The agreement targets enhanced trade, investment, and technology transfer.
The ongoing negotiations, now in their 13th round, are pushing for a December conclusion. Goyal stressed the agreement's potential to provide immense opportunities, particularly for India's automotive sector, by marrying cost competitiveness with global market expansion. EU's Maros echoed the sentiment, foreseeing a win-win pact that bolsters trade and innovation.
(With inputs from agencies.)
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