Our Terms & Conditions | Our Privacy Policy
Commerce and industry minister Piyush Goyal said India and the European Union are looking forward to a robust, fair, equitable, balanced and a mutually beneficial win-win partnership in terms of an enduring free trade agreement (FTA).
He was speaking at the annual session of the Automobile Component Manufacturers Association of India (ACMA) on Friday. EU trade commissioner Maros Sefcovic, who was also present, said the two sides are maximising efforts to finalise negotiations for the FTA by December-end and that intensive negotiations are currently underway to achieve a “groundbreaking” deal.
He said that while India and the EU may not agree on all issues, he is confident of achieving a “very good agreement”. “India, EU teams are engaged in intense negotiations for a free-trade agreement,” said Goyal.
‘Potential to Encourage Innovation’
“Every agreement has some give and take to make it a balanced one; there can never be a perfect situation. And we should not make perfect an enemy of the good.” “I assure you the possibilities we are trying to unlock, you will find the arrangements between India, EU attractive, exciting, and holding good potential for businesses to grow and collaborate and encouraging innovation,” the minister said.
Live Events
Noting that the automotive market in India is expanding and thriving, Sefcovic said, “I believe that our shared goal with minister Goyal is to ensure that the FTA would facilitate two-way trade flows between India and the EU under the condition of tariff liberalisation for all components, from engines to brakes”. The 13th round of India-EU FTA talks took place in New Delhi from September 8-12. Sefcovic and the European Commission’s agriculture commissioner Christophe Hansen were visiting New Delhi to review the progress of FTA talks with Goyal.
“I believe that this would be a winwin scenario for our industries, and would, in particular, facilitate the introduction of advanced new technologies into India,” said Goyal. “I believe that by combining the power of our automotive markets, the world’s third and fourth largest, we can lead the charge in developing cutting-edge combustion engines as well as electric vehicles with advanced battery technologies and smart mobility solutions that meet the needs of the changing world.”
Duty Concessions in Auto
The minister’s statement assumes significance as the EU is seeking import duty concessions in the auto sector from India. India, which otherwise charges over 100% import duty on fully-built vehicles, gave duty concessions to UK-built cars under a recent FTA. Hansen also said the EU-India relationship is not just about trade but about the high-value-added investment that would create additional thousands and millions of jobs. Several European automakers such as Volkswagen and Mercedes-Benz have manufacturing units in India.
“Our cooperation in this sector is also about sharing the best practices in manufacturing, in investing, in research and development, especially if it comes to the next generation vehicles,” said Sefcovic. “We would work on standards, and of course, we would jointly address global challenges like climate change through cleaner and more efficient technologies.” Noting that global trade is being severely disrupted by geopolitics, he said both India and the EU need to adjust to the new realities while seizing new opportunities in expanding market access, building resilient supply chains, and widening bilateral trade.
Strengthening Supply Chains
On the current global uncertainties, he said India and the EU are working together to unlock investments, reduce barriers, expand market access, and strengthen supply chains to guard against risks from unforeseen events. The imposition of high tariffs by the US on several countries has triggered uncertainties in global trade. The US has imposed a steep 50% duty on several Indian goods. Goyal said India will benefit from the EU’s economy and innovations.
“We aspire to grow from today’s level of 34 cars per 1,000 persons, to possibly take it at the initial stage, to about 200 cars per 1000 people,” he said. “We are living in times full of uncertainty and volatility, but it is such times that the true strength of the nation and industry come to fore,” Goyal said, adding that the best comes out from all of us in these trying times. “We went through Covid and when we look back, we realise the current time is nothing compared to what we went through during Covid”.
Add 
as a Reliable and Trusted News Source
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.