PARIS: Commerce and industry minister Piyush Goyal on Sunday indicated that India and the European Union may be able to work out a “comprehensive” free trade agreement ahead of the Dec deadline set by the leaders from both sides, while asserting that India will now shy away from issues such as gender or sustainability given the strides it had made in these areas.
Goyal, who is due to meet EU commissioner for trade and economic security Maroš Šefčovič on Monday, said “policy concerns”, such as the carbon border adjustment mechanism, are on the table.
“We never had deadlines for an FTA, but looking at the rapid progress that we are making, my sense is that we can do it faster than the year-end. There are not too many issues where we have a divergence of opinion; we are both complementary economies. In most cases what is of offensive interest to India does not hurt the EU economy. Likewise goods and services that Europe would like to provide to India will only support our growth story. In any trading relationship, there are certain sensitive issue which we have to resolve amicably,” he said.
The statement comes days after a senior govt official said that India and the 27-member trading bloc were eyeing an “early tranche” by July. The trade deal is seen to be complex given that there are over two dozen chapters and more than two dozen countries involved from EU, as a result of which talks have dragged on for nearly two decades.
India has already signed a trade deal with the UK and is in advanced talks for an agreement with the EU and Oman, which are seen as a move to negate the impact of Trump tariffs by allowing exporters to diversify into other markets. “India would like to capture markets across the world with fair trading partners, where there is complementarity… When you sign an FTA, it also strengthens the supply chain, gives confidence about predictability,” he said.
He also said that investors were keen on doing business with India. “It is the world’s largest investment opportunity. It is a once in a lifetime opportunity when India will grow from a $4 trillion economy to a $30-35 trillion economy in a couple of decades… Amid the turmoil, the mood in EU is to have India in the supply chain as India is looked at as a democratic and safe country.”
A flurry of trade deals, including the proposed bilateral trade agreement with the US, is expected to see a sharp reduction in tariffs, which have protected some sectors such as automobiles. While there have been suggestions that govt push ahead with a fresh set of reforms including those related to labour and land, Goyal said they are autonomous of the trade pacts and the Modi govt has vigorously pushed with crucial policy changes since 2014.
Goyal, who is due to meet EU commissioner for trade and economic security Maroš Šefčovič on Monday, said “policy concerns”, such as the carbon border adjustment mechanism, are on the table.
“We never had deadlines for an FTA, but looking at the rapid progress that we are making, my sense is that we can do it faster than the year-end. There are not too many issues where we have a divergence of opinion; we are both complementary economies. In most cases what is of offensive interest to India does not hurt the EU economy. Likewise goods and services that Europe would like to provide to India will only support our growth story. In any trading relationship, there are certain sensitive issue which we have to resolve amicably,” he said.
The statement comes days after a senior govt official said that India and the 27-member trading bloc were eyeing an “early tranche” by July. The trade deal is seen to be complex given that there are over two dozen chapters and more than two dozen countries involved from EU, as a result of which talks have dragged on for nearly two decades.
India has already signed a trade deal with the UK and is in advanced talks for an agreement with the EU and Oman, which are seen as a move to negate the impact of Trump tariffs by allowing exporters to diversify into other markets. “India would like to capture markets across the world with fair trading partners, where there is complementarity… When you sign an FTA, it also strengthens the supply chain, gives confidence about predictability,” he said.
He also said that investors were keen on doing business with India. “It is the world’s largest investment opportunity. It is a once in a lifetime opportunity when India will grow from a $4 trillion economy to a $30-35 trillion economy in a couple of decades… Amid the turmoil, the mood in EU is to have India in the supply chain as India is looked at as a democratic and safe country.”
A flurry of trade deals, including the proposed bilateral trade agreement with the US, is expected to see a sharp reduction in tariffs, which have protected some sectors such as automobiles. While there have been suggestions that govt push ahead with a fresh set of reforms including those related to labour and land, Goyal said they are autonomous of the trade pacts and the Modi govt has vigorously pushed with crucial policy changes since 2014.
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