2 days ago
EU FTA in 30-60 days, Indian minister tells Swissmem Industry Day meet
A free trade agreement (FTA) between India and the European Union (EU) could be sealed in a month or two, and the pact, along with other similar engagements, will insulate India from geopolitical changes in the rest of the world, Indian Commerce and Industry Minister Piyush Goyal recently said in Bern.
'I am not very concerned about what is happening in the world. I believe it will open up new vistas of opportunities for India,' he told the 18th Swissmem Industry Day event there. Swissmem is the apex association representing Switzerland's mechanical, electrical and metal industries.
An FTA between India and the EUâ€'being negotiated since 2022â€'could be sealed in a month or two, and the pact, along with other similar engagements, will insulate India from geopolitical changes in the rest of the world, Indian Commerce and Industry Minister Piyush Goyal has said in Bern. Foreign Minister S Jaishankar told the German Marshall Fund Forum in Brussels the FTA is feasible by 2025 end.
India and the EU have been negotiating the FTA since 2022.
'India is today coming out of the shadows. In this situation any turbulence in the rest of the world will hurt India less than it will hurt the rest of the world because we have a big runway of growth ahead of us,' he was quoted as saying.
While addressing the German Marshall Fund (GMF) Forum in Brussels recently, Indian External Affairs Minister S Jaishankar too said the planned FTA is feasible by the end of this year.
In Bern, Goyal invited Swiss companies, including small and medium enterprises and deep-tech innovators, to scale up investments in India by leveraging the new trade architecture offered by the Trade and Economic Partnership Agreement, signed earlier this year between India and the European Free Trade Association, a release from the Indian Ministry of Commerce and Industry said.
He also offered to set up Swiss enclaves in India that can provide industrial and social infrastructure to Swiss companies to set up base and operate from.
Many Swiss companies conveyed their intent to use India not only as a domestic market, but also as a global manufacturing and export base. Interest was particularly strong in sectors like advanced manufacturing, industrial automation, clean technology and healthcare innovation, the official release added.
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