India-EU Free Trade Agreement: A Win-Win Deal Under Scrutiny
Minister Goyal defends the India-EU free trade pact as a win-win deal after Congress criticizes it for not securing exemptions and tariff reliefs. Goyal emphasizes the agreement's potential to boost India's economic growth, create business opportunities, and support domestic sectors like auto manufacturing.
- Country:
- India
Commerce and Industry Minister Piyush Goyal has strongly defended the recently signed India-EU free trade agreement amid criticisms from the Congress. He asserted that the pact is a mutually beneficial deal expected to drive economic growth and open significant opportunities for both businesses and individuals in India.
Congress raised concerns regarding the agreement's failure to exempt India's aluminium and steel sectors from the EU's Carbon Border Adjustment Mechanism and the lack of tariff relief on a large portion of the EU's exports to India. Despite these criticisms, Goyal believes that the deal benefits complementary economies and should not be viewed as a zero-sum game.
The minister also pointed out the strategic value of the agreement, highlighting its potential in sectors like auto manufacturing by encouraging local assembly and production. Goyal called for a shift from negative outlooks towards leveraging the pact for expanding economic and business opportunities in India.
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