The planned free trade agreement (FTA) between India and the European Union (EU) would be the “mother of all treaties” that the nation has inked, according to Commerce and Industry Minister Piyush Goyal on Friday.
India-EU Free Trade Agreement Called the “Mother of All Treaties”
“So far, we have completed free trade agreements with seven industrialized nations. The mother of all will be this one (the EU). It will include two of the strongest economies in the world. Goyal said in New Delhi, “We have excellent development prospects.”
Goyal has been instrumental in reaching free trade agreements with the United Arab Emirates, Australia, the European Free Trade Association, the United Kingdom, Oman, New Zealand, and Mauritius in his capacity as minister of business and industry. A potential bilateral trade deal with the United States is one of many agreements now under negotiation.
India’s Growing Network of Free Trade Agreements
🇮🇳🇪🇺 India–EU FTA Key Highlights
- Agreement Type: Free Trade Agreement (FTA)
- Described As: “Mother of all treaties”
- Parties Involved: India and European Union
- Economic Scope: Two of the world’s strongest economies
- Status: Negotiations in final stage
- Outcome: Win-win deal without competition
Goyal said, “It will be a win-win deal for both, but the nice thing is that we do not compete with each other,” about the accord with the EU, where talks are apparently nearing their conclusion.
In order to pursue the accord, the minister promised that India would not jeopardize its national interests. “I can guarantee you that we will not compromise the advantage of our nation with the FTA pact with the EU,” Goyal strongly said.
No Compromise on India’s National Interests
📈 Leadership Driving Trade Confidence
- Leadership: Prime Minister Narendra Modi
- Approach: Confident and forward-looking trade policy
- Public Trust: Backed by 140 crore Indians
- Global View: Recognition of India as a rising superpower
- Style: Bold decisions and calculated risk-taking
- Comparison: Startup-like entrepreneurial mindset
Goyal also attributed India’s self-assured and forward-thinking attitude to trade talks to Prime Minister Narendra Modi’s leadership: “Previous administrations were quite hesitant to undertake FTAs with the developed world.” We go to the developed world with complete assurance. We get the greatest deal out of the other nations because we are prepared to make audacious choices,” he said.
The minister highlighted the importance of trust, saying that PM Modi enters discussions with the support of 140 crore Indians and acknowledgement from other governments of India’s rise to prominence. He also commended the Prime Minister for his willingness to take chances, likening him to a young businessman who is not afraid to take risks.
Ongoing Trade Talks With the United States
Goyal said that talks are progressing about the potential free trade agreement with the United States. “The talks are still going on. He said, “The US agreement will be completed at the appropriate moment,” although he did not provide a deadline.
Frequently asked questions
1. What did Piyush Goyal say on the trade agreement between the EU and India?
Given that it encompasses two of the most significant economic blocs in the world, Piyush Goyal referred to the proposed India-EU Free Trade Agreement (FTA) as the “mother of all accords,” emphasizing its scope and significance.
2. What makes the India-EU Free Trade Agreement so important?
The agreement is important because it will cover a large portion of international commerce, provide Indian exporters access to new markets, draw investment, and improve economic relations between India and the EU.
3. Has India previously entered into free trade agreements with other nations?
Indeed, India has already inked free trade agreements with seven wealthy nations: the United Arab Emirates, Australia, the United Kingdom, the European Free Trade Association, New Zealand, Oman, and Mauritius.
4. Will the EU agreement jeopardize India’s national interests?
No, Piyush Goyal made it quite clear that both parties will benefit from the deal and that India would not jeopardize its national interests.
5. How is the trade deal between the United States and India going?
There are still talks going on with the United States. The administration hasn’t, however, disclosed a deadline for completing the agreement.
Conclusion
An important development in India’s international trade policy is the planned India-EU Free Trade Agreement. Known as the “mother of all agreements,” it illustrates India’s increasing confidence while engaging in negotiations with wealthy nations.
India seeks to get fair, growth-oriented trade agreements that support its long-term economic goals via strong leadership, a focus on national interest, and growing international connections.
Disclaimer
This content is for informational purposes only and is based on publicly available statements and reports. It should not be considered financial, legal, or policy advice
