Commerce and Industry Minister Piyush Goyal has highlighted that India is aiming for a balanced, comprehensive and mutually beneficial Free Trade Agreement (FTA) with the EU, according to an official statement issued on Thursday.

At a meeting held here with Ambassadors of the European Commission delegation, Austria, Belgium, Bulgaria, Czech Republic, Estonia, Italy, Ireland, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovak Republic, Spain and Sweden, the minister discussed the growing proximity and rising trade between India and the EU.

Minister Goyal said the FTA negotiations, after nine rounds of intense engagement, need political directions to arrive at a commercially meaningful deal while understanding the sensitivities of each other.

He further underlined that any sustainability discussions must appreciate the principle of Common But Differentiated Responsibility(CBDR) and implementation of such measures should take into account differing paths of development. He added that the Indian economy is expected to grow at 7-8 per cent annually to become the third-largest economy in the world over the next few years. Thereafter, rapid and exponential growth would help India's GDP to reach the milestone of $35 trillion by 2047.

Acknowledging the large and untapped economic potential, the European side underscored that both sides would gain tremendously by integrating the two economies and building resilience in their supply chains. The interaction also accorded an opportunity to discuss progress in the India-EU Trade and Technology Council. India is the only country, other than the United States, with which the EU has such a mechanism.

India's bilateral trade in goods with the EU was $137.41 billion in 2023-24, making it the largest trading partner of India for goods. In addition, the bilateral trade in services, in 2023, between India and the EU was estimated at $ 51.45 billion.

The trade agreement with the EU would help India further expand and diversify its exports of goods and services while securing the value chains. India is seeking to forge balanced agreements with major world economies to increase its market share in global trade, it added.