India and EU Set to Forge Strong Economic Ties with New Trade Agreement

In a significant address at the 65th Annual Session of the Automotive Component Manufacturers Association of India (ACMA), Union Commerce and Industry Minister Piyush Goyal underscored the complementary nature of India-European Union (EU) relations. Speaking about the ongoing negotiations for a Foreign Trade Agreement, Goyal emphasized that the two entities should look to enhance collaboration rather than compete against each other.

Quoting EU President Ursula von der Leyen, Goyal stated, 'In an era of conflicts and intense competition, you need trusted friends. For Europe, India is such a friend.' The Minister emphasized the importance of a bilateral relationship that goes beyond trade, highlighting the role of India as a strategic ally committed to fair play, sustainability, and inclusive growth, values resonating strongly with those of the EU.

During his speech, Goyal pointed out that negotiations for the Free Trade Agreement are predicated on trust and mutual benefit, with the aim of achieving a 'win-win' scenario for both parties. He envisions the India-EU partnership as a potential role model in geopolitics, harnessing technological and innovative advances to capture global markets. European Trade Commissioner Maros Sefcovic and Commissioner for Agriculture and Food Christophe Hansen's visit to India further underscores the diplomatic strides underway.

(With inputs from agencies.)