Landmark Agreement Signals India’s Rising Influence
The recently finalized free trade agreement between India and the European Union represents a pivotal step in India’s international economic strategy. Union Commerce Minister Piyush Goyal described the pact as evidence of India’s prominent place among global powers, emphasizing its potential to enhance trade opportunities and solidify bilateral relations.
Key Benefits for Indian Economy
Goyal highlighted how the deal opens new avenues for Indian exporters by providing broader market access. He noted that it includes safeguards for micro, small, and medium enterprises (MSMEs), ensuring their growth amid expanded trade. The agreement leverages India’s robust workforce and manufacturing capabilities alongside Europe’s cutting-edge technologies, fostering mutual strengths and innovation.
Response to Political Criticism
Addressing remarks from opposition leaders who labeled the agreement as exaggerated, Goyal pointed to historical context. He recalled that negotiations with the EU began during the previous United Progressive Alliance (UPA) government but were later stalled. Goyal contrasted this with the current administration’s decisive approach, attributing today’s achievements to a newfound national assurance that overcomes earlier uncertainties.
