India, EU won’t agree on everything but plenty of areas to collaborate: EU Trade Commissioner
Meanwhile, Commerce Minister Piyush Goyal said it is important not to let the search for a perfect deal become the enemy of progress, and stressed that the direction in which the negotiations are moving is extremely positive.
Goyal said India will benefit from Europe’s technology and innovation, while the EU will benefit from India’s growth story, scale and resilience. (Image: @MarosSefcovic)
Amid ongoing negotiations for a trade deal between the European Union (EU) and India, the EU’s Commissioner for Trade and Economic Security, Maroš Šefčovič, on Friday said that both partners will not agree on everything but as major democracies, there are many areas where India and the EU can work together.
“We find ourselves in a challenging world. Geopolitics and global trade are being disrupted. We need to embrace the possibilities offered by our new reality as much as protecting ourselves from the risks. That is why we are working on a deal to unlock investment, reduce barriers, expand market access and enhance supply chains, to the benefit of both sides,” Šefčovič said while speaking at an industry event.
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Meanwhile, Commerce Minister Piyush Goyal said it is important not to let the search for a perfect deal become the enemy of progress, and stressed that the direction in which the negotiations are moving is extremely positive. According to a statement released by the Commerce Ministry, Goyal said the India–EU FTA will be a “comprehensive economic partnership with strategic elements”.
Goyal said India will benefit from Europe’s technology and innovation, while the EU will benefit from India’s growth story, scale and resilience. He underlined that both sides are striving to put in place an economically meaningful package that balances the interests of producers, exporters and consumers in equal measure.
Šefčovič said the automotive sector, which powers the economies of both India and the EU, should be at the centre of the partnership and that by combining the power of our automotive markets – the world’s third and fourth largest – both countries can lead the charge in developing cutting-edge combustion engines as well as electric vehicles with advanced battery technologies and smart mobility solutions.
“The automotive market in India is expanding and thriving. My goal is to ensure that the FTA facilitates two-way trade flows between India and the EU under conditions of tariff liberalisation for all components, from engines to brakes. This would be a win–win scenario for our industries and would, in particular, facilitate the introduction of advanced new technologies into India,” Šefčovič said.
The commissioner said that in 2024, the EU was India’s largest trading partner, ahead of the US and China, and that more than 6,000 European companies operate in India, while overall bilateral trade in goods hit €140 billion in 2023. “And while trade between our economies has grown by around 90 per cent in the past decade, there is still a lot of room for further growth,” he added.
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“We are now maximising our efforts to finalise negotiations by the end of the year, as agreed by European Commission President von der Leyen and Prime Minister Modi. Our industries have the potential to forge synergies that drive technological advancements, enhance supply chains and accelerate innovation,” Šefčovič said as per a statement by the European Commission.
Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, specializing in economic policy and financial regulations. With over five years of experience in business journalism, he provides critical coverage of the frameworks that govern India's commercial landscape.
Expertise & Focus Areas: Mishra’s reporting concentrates on the intersection of government policy and market operations. His core beats include:
Trade & Commerce: Analysis of India's import-export trends, trade agreements, and commercial policies.
Banking & Finance: Covering regulatory changes and policy decisions affecting the banking sector.
Professional Experience: Prior to joining The Indian Express, Mishra built a robust portfolio working with some of India's leading financial news organizations. His background includes tenures at:
Mint
CNBC-TV18
This diverse experience across both print and broadcast media has equipped him with a holistic understanding of financial storytelling and news cycles.
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