New Delhi: Commerce Minister Piyush Goyal on Friday underscored the strategic importance of India’s partnership with the European Union, describing it as a relationship built on shared values and mutual complementarity rather than competition. Speaking at an event with Maros Sefcovic, EU Commissioner for Trade and Economic Security, Goyal said the partnership provides significant opportunities for businesses on both sides and emphasized India’s commitment to unlocking its full potential.
“It’s important to view this relationship not only through the lens of trade between Europe and India, but for the larger global impact we can achieve together,” Goyal said.
Highlighting the alignment between the two regions, he added, “Europe is a friend, partner, and strategic ally to India. We share principles of fair play, rule of law, sustainability, inclusive growth, and high standards of quality. We complement each other; we do not compete with each other.”
Goyal’s remarks come amid growing US pressure on global trade, with reports that former President Donald Trump urged the European Union to impose tariffs of up to 100% on countries including India and China as part of efforts to influence Russia over the Ukraine conflict. India currently faces 50% tariffs on some goods from the US, including a 25% levy on imports tied to discounted Russian crude.
Addressing the prospects for trade, Goyal stressed that India and the EU are working toward a balanced Free Trade Agreement (FTA) that will strengthen economic ties. “Both India and Europe are significant economies, and free trade will benefit both sides,” he said.
He added, “We are working toward shared prosperity. Every agreement has give-and-take, and while no deal is perfect, the opportunities we are trying to unlock are immense. Businesses should look at India as a hub for research, development, and global market access.”
Goyal also said India’s collaboration with Europe could serve as a model for global geopolitics, offering opportunities beyond bilateral trade. “Partnering with India allows you to capture a broader global market,” he remarked.
The comments follow reports by the Financial Times that European capitals were considering potential secondary sanctions on countries like India and China for buying Russian oil and gas. However, many EU nations remain cautious due to the strength of their trade ties with both countries.
