Big news from India’s trade ministry: the Free Trade Agreement with the European Union has reached its decisive final negotiations, as per Commerce Minister Piyush Goyal. In a candid address to stakeholders, Goyal shared that unresolved issues on rules of origin, dispute settlement, and government procurement are being resolved swiftly.
This pivotal announcement underscores India’s proactive trade policy under Modi 3.0. The EU deal, first envisioned a decade ago, now stands on the cusp of reality after overcoming stalled phases during the pandemic.
Complementing this, Goyal updated on thriving US bilateral engagements. Focus areas span from aviation to biotech, with India pushing for parity in market access akin to what US firms enjoy domestically.
Quantifying the stakes, analysts forecast a 25-35% export uplift to Europe, channeling gains to labor-intensive industries. US talks could unlock $20 billion in new opportunities, especially in services where India’s talent pool shines.
Goyal didn’t shy from challenges: protecting India’s agri-interests against EU dairy lobbies and navigating US inflation Reduction Act nuances. Yet, his tone brimmed with resolve, crediting inter-ministerial coordination.
Business reactions have been electric. Chambers like CII and Assocham are rallying members for readiness, from compliance upgrades to logistics scaling. Goyal urged innovation in green tech to tap EU’s carbon border taxes.
In conclusion, these negotiations herald India’s ascent as a trade titan. As global supply chains realign, Goyal’s vision of ‘Viksit Bharat’ through commerce gains tangible shape. Watch this space for signing ceremonies soon.