Union Commerce Minister Piyush Goyal has firmly dismissed suggestions that former US President Donald Trump played any role in facilitating the landmark Free Trade Agreement between India and the European Union. In a clear statement, Goyal emphasized that the topic of Trump's involvement was never part of discussions during the negotiations.
No Linkage to US Tariffs, Says Goyal
Addressing questions about whether recent US tariff policies influenced the timing or nature of the India-EU deal, Goyal categorically stated that no such linkage existed. He highlighted that the FTA negotiations proceeded independently, driven by mutual economic interests between India and the European Union.
US Trade Representative Acknowledges Benefits for India
Meanwhile, US Trade Representative Jamieson Greer commented on the agreement, noting that it appears to significantly benefit India by providing greater access to European markets. Greer also pointed out potential mobility provisions for Indian workers within the framework of the deal.
Greer predicted that India would gain substantially once the agreement is fully implemented, suggesting that the economic advantages could be transformative for Indian exporters and businesses seeking European partnerships.
The "Mother of All Deals": Scope and Impact
Described as the "mother of all deals," the India-EU FTA establishes a combined market of nearly two billion people. The pact outlines a comprehensive five-year agenda that encompasses not only trade but also defence cooperation between the two economic powerhouses.
Tariff Reductions and Market Access
The agreement eliminates tariffs on 99% of Indian exports to the European Union while reducing duties on over 97% of EU exports to India. This substantial tariff reduction is expected to boost bilateral trade significantly, creating new opportunities for businesses on both sides.
The FTA represents a major milestone in India's trade diplomacy, demonstrating the country's ability to negotiate complex international agreements independently of third-party influences. Goyal's remarks underscore India's strategic autonomy in foreign trade matters while highlighting the government's commitment to securing favorable terms for Indian businesses in global markets.
