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Union Commerce and Industry Minister Piyush Goyal has said that the India-European Union Free Trade Agreement (FTA), along with trade agreements with the UK and European Free Trade Association (EFTA) countries, will open up significant opportunities for Indian industry, boost investments and create employment on a large scale.
Speaking to ANI in The Hague, Goyal said there was considerable enthusiasm among European countries and Indian businesses over the trade agreements, adding that the pacts would facilitate technological collaboration, strengthen industrial ties and expand opportunities across multiple sectors. There is great enthusiasm surrounding the Free Trade Agreement (FTA) between the European Union and India. We are leading delegations to various European nations. The Indian industrial sector is seen as holding immense potential. These agreements will pave the way for large-scale investments and extensive technological collaborations, Goyal told ANI. Highlighting the opportunities in labour-intensive industries, services, education and technology, the minister said the trade agreements would help Indian businesses deepen their presence across European markets. Through our agreements with the European Union, including the EFTA nations and the UK, we have effectively opened the entire European market to Indian industry, he said. Goyal said the agreements would contribute to Prime Minister Narendra Modis vision of a Viksit Bharat 2047, while creating opportunities for farmers, the fishing community, micro, small and medium enterprises (MSMEs), and educational and technological institutions. He expressed confidence that the trade pacts would attract substantial investments into India and generate employment opportunities on a large scale. I can assure you that there is immense potential between European countries and India. They are as excited as Indian companies. Businesses are looking at complementary strengths and together we believe we will not only be efficient for each other and good for each other, but we will also capture global markets, Goyal said. The ministers remarks come amid Indias efforts to strengthen economic engagement with European partners and expand market access for Indian businesses through trade agreements. The proposed India-EU FTA is expected to provide a framework for deeper trade and investment ties between the two sides, while Indias existing trade agreements with the UK and EFTA countries are aimed at expanding commercial opportunities and strengthening economic cooperation.(ANI)
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