New Delhi: India and the European Union have an opportunity to build a powerful economic partnership anchored in trust, competitiveness and complementary strengths, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking during a panel discussion titled “New Era, New Alliances: The Third Path?”, Goyal described trust as a scarce but invaluable commodity in global commerce and diplomacy.
“Trust is a scarce commodity. We could actually weaponize it. Yes. And that is what the EU-India free trade deal is all about,” Goyal stated.
He said the proposed India-EU free trade agreement brings together the strengths of the 27-nation European bloc and India, the world’s most populous nation with a young, aspirational and digitally connected population.
“It’s between the 27 nation block of EU, democracies where the rule of law prevails, between India, the world’s largest population, youngest country, full of talent, full of aspiration. The youthful India is digitally connected with the world,” he noted.
According to the minister, India’s scale, youthful talent pool and growing global integration, combined with Europe’s technological capabilities and advanced economies, can create significant opportunities for both sides.
“The defining word in this relationship is going to be trust,” Goyal said, adding that India views the European community as a dependable partner that operates through established rules, institutions and the rule of law.
He asserted that India offers a fair and transparent environment for investors and remains committed to ensuring equitable opportunities for global businesses.
The minister also contrasted India’s current economic approach with the model followed in the decades after Independence, arguing that excessive state control had constrained the country’s potential growth opportunities.
Referring to economic reforms and India’s increasing engagement with global markets, Goyal said Prime Minister Narendra Modi’s government has focused on building stronger economic partnerships based on confidence, competitiveness and shared benefits.
He stressed that India’s approach to international trade is centred on fair, equitable and balanced agreements that create value for all participating nations.
(IANS)
