India and EU Eye Strategic Avenues for Partnership Growth

Union Minister Piyush Goyal advocates for deeper India-EU engagement at the German Business meet, emphasizing mutual respect in FTA negotiations. The collaboration promises strategic growth, leveraging each side's strengths, amid India's growing global influence and infrastructure development.

At the 18th Asia Pacific Conference of German Business in New Delhi, Union Minister Piyush Goyal highlighted the potential for a more integrated strategic partnership between India and the European Union (EU). Goyal underscored the importance of mutual respect and understanding in the ongoing negotiations for a Free Trade Agreement (FTA) between the two entities.

Goyal remarked, "India presents a vast and youthful market with 1.4 billion aspirations to offer. I am confident that an FTA with deeper engagement between India and the EU could benefit both sides immensely. Europe is rich in technologies, ideas, and innovation, yet grapples with high manufacturing and service costs." He identified respect for three key areas as crucial for fast-tracking the FTA process.

Emphasizing India's expanding influence in the Asia-Pacific, Goyal stated, "The Asia Pacific, housing 60 percent of the global population, is the arena where substantial growth is projected, with two-thirds of the world's middle class expected here in the coming decade." He stressed India's robust macroeconomic bedrock and unprecedented infrastructure leaps as attractive lures for global investors.

Highlighting India's strong geopolitical standing, Goyal said, "We are building unparalleled infrastructure, putting us in a prime position with readiness for future business prospects globally. With Prime Minister Modi's successive re-election, India is poised to become the world's third-largest economy in three years." Goyal called for strategic collaboration between India and Germany, integrating German precision with India's scalable expertise in infrastructure.

"The synergy of Germany's precision engineering with India's scaling prowess can yield unprecedented advancements for both our nations and the world. The convergence at this conference is pivotal for spotting emerging trends and addressing local challenges," Goyal concluded (ANI).

(With inputs from agencies.)