India, EU aiming for a balanced, mutually beneficial FTA: Goyal

Piyush Goyal. File pic

The proposed free trade agreement (FTA) negotiations between India and the European Union (EU) need political directions to reach a commercially meaningful deal while understanding each other's sensitivities, an official statement said on Thursday.

The pact came up for discussion during an interaction between Commerce and Industry Minister Piyush Goyal and Ambassadors of the European Commission delegation. Goyal said that both sides are aiming for a balanced, ambitious, comprehensive and mutually beneficial FTA.

"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," the commerce and industry ministry said. Goyal said 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 and after that rapid growth would help India's GDP to reach the milestone of USD 35 trillion by 2047.

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