Commerce and Industry Minister Piyush Goyal defended the India-European Union free trade agreement against Congress’ objections, emphasizing its mutual benefits for India’s economy. The Congress party had raised concerns about the deal, particularly regarding the EU’s Carbon Border Adjustment Mechanism and tariff reductions on EU exports to India. Goyal, in response, highlighted the agreement’s potential to boost economic growth and opportunities for Indian businesses and citizens.
Goyal criticized Congress General Secretary Jairam Ramesh for questioning the agreement, stating that past indecision had cost India significantly in terms of employment and growth. He urged a more optimistic outlook, emphasizing the agreement’s positive impact on India’s global business prospects. Addressing concerns over the deal’s implications for Indian exports, Goyal reassured that India has been actively engaging to safeguard domestic interests and find solutions collaboratively.
The minister stressed that the trade agreement with the EU is not a zero-sum game but a mutually beneficial partnership that will enhance India’s economic growth. Goyal expressed disappointment at the skepticism surrounding the deal, highlighting its potential to strengthen global trade ties and create new opportunities. He further explained the strategic intent behind certain provisions of the agreement, such as encouraging local assembly of vehicles to boost domestic manufacturing and technological standards.
European Commission President Ursula von der Leyen hailed the India-EU agreement as historic, describing it as the largest trade pact in India’s history. The deal, termed the “mother of all deals,” aims to establish a free-trade zone benefiting both sides. This agreement between two major economies comes amidst global trade tensions and uncertainties, signaling a significant milestone in international trade relations.
