Union Minister of Commerce and Industry Piyush Goyal has highlighted the transformative opportunities offered by the India- European Union (EU) Free Trade Agreement (FTA) for businesses and stakeholders across India and Europe, noting that the agreement would benefit farmers, fishermen, MSMEs, small industries, innovators, startups, women entrepreneurs, manufacturers and service providers. He said the agreement had been deftly negotiated while protecting sensitive sectors on both sides.
Goyal said the India-EU FTA, which was in the making for 25 years before negotiations were concluded under the leadership of Prime Minister Narendra Modi, brings together 2 billion people, representing a quarter of global GDP, a third of world trade and a market of $24 trillion. He said all 27 EU countries were on board, supportive and desirous of concluding the formalities and bringing the agreement into force at the earliest.
The minister further highlighted India’s expanding economic and technological capabilities and said that the Indian story had just begun. He noted that India is a $4 trillion economy today on a purchasing power parity basis and is already the world’s third-largest economy with a $20 trillion GDP on a PPP basis. He said the stated goal and collective commitment of 1.4 billion Indians was to take the $4 trillion economy to a $30 trillion economy by 2047, when India celebrates 100 years of independence.
