Commerce and Industry Minister Piyush Goyal made a bold statement on Friday. He declared the upcoming free trade agreement between India and the European Union as the "mother of all deals" for the country. Negotiations are currently in their final phase.
A Landmark Agreement in the Making
Goyal expressed strong confidence in the pact. "I have completed seven deals so far, all with developed economies. This one will be the mother of all," he emphasized. The minister has a proven track record in trade negotiations.
Past Successes and Future Prospects
During his tenure, Goyal successfully negotiated FTAs with several key partners. These include the UAE, Australia, the European Free Trade Association, the UK, Oman, New Zealand, and Mauritius. More agreements are in the pipeline, notably a bilateral trade deal with the United States.
Win-Win Strategy for Both Sides
The minister highlighted the mutual benefits of the India-EU FTA. "In areas of India's interest, we are getting a super deal. In areas of EU interest, we are giving them a super deal," Goyal explained. He stressed that the agreement must be a win-win for both parties.
"The good part is we do not compete with each other. We have different interests," he added. This complementary relationship is seen as a strong foundation for the trade pact.
Progress in Negotiations
Commerce Secretary Rajesh Agrawal provided an update on Thursday. He revealed that the two sides have negotiated 20 out of 24 chapters. Efforts are intensifying to conclude the talks by January 26.
This timeline coincides with Republic Day celebrations. European Council President Antonio Luis Santos da Costa and European Commission President Ursula von der Leyen will be chief guests at the event.
Support for Startups
Separately, Goyal announced plans to boost startup exports. The ministry is considering creating a dedicated segment for startups under the Rs 25,000-crore Export Promotion Mission. This initiative aims to enhance India's export capabilities through innovative ventures.
The focus remains on strengthening India's position in global trade. The India-EU FTA represents a significant step forward in this ongoing effort.
