India-EU trade can grow exponentially with mutual cooperation: Piyush Goyal

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New Delhi, October 12

Union Minister for Commerce and Industry Piyush Goyal  said that two way trade between Europe and India can grow exponentially if both sides understand each other’s concern and cooperate meaningfully.  Speaking at the launch of the Federation of European Business in India (FEBI) in New Delhi, Goyal highlighted shared democratic values, rule of law, and fair trade principles as foundations for stronger ties.

Goyal noted challenges such as EU policies on deforestation and the Carbon Border Adjustment Mechanism (CBAM) that impact Indian industries. He urged focus on business issues in ongoing Free Trade Agreement (FTA) negotiations, emphasizing India’s economic potential as a key driver for European businesses. The Minister congratulated FEBI for fostering stronger economic engagement and called for collaboration through the EU-India Trade and Technology Council (TTC) in areas like green technology and semiconductors.

EU Ambassador to India, Herve Delphin, reaffirmed the EU as India’s largest trading partner, with ongoing discussions on the FTA ahead of the upcoming India-EU Summit.