'Give And Take': Piyush Goyal Weighs On India-EU FTA Talks, Sees Big Benefit For Auto Industry

Union Commerce and Industry Minister Piyush Goyal said on Friday that there are "exciting possibilities" that hold "good potential" for automobile businesses.

Goyal spoke at the 65th ACMA Annual Session, and said that he and EU Trade Commissioner Maroš Sefcovic are "working sincerely" with their teams to engage in negotiations for the FTA.

He stated that the trade deal would unlock partnerships with European automobile companies.

Every agreement has a "give and take", and there can "never be a perfect situation", Goyal said, but added that the possibilities that the two sides are trying to unlock are immense.

The minister further said that India aspires to grow from 34 cars per 1000 people to 200 cars per 1000 people with this agreement.

Goyal called Maroš a "tough negotiator" and said he was looking forward to a mutually beneficial FTA. He further said that the deal will define two large economies of relevance.

Sefcovic echoed similar sentiments, and spoke in favour of having the automotive sector at the centre of the trade partnership between the two nations.

He also said that the two countries will jointly address climate change through greener technologies.

Europe's green technology and India's growing population and manufacturing "combine well", Sefcovic said.

According to the EU trade commissioner, the two nations have a shared goal to facilitate two-way trade and enhance flow of auto components through the FTA.

"We can lead the charge with electronic vehicles and smart mobility," Sefcovic added.

According to him, efforts are being maximised to finalise FTA negotiations by end of the year.

And that they are striving to put in place an economically viable win-win package. Sefcovic stated that the auto sector would be a "clear winner" from the trade deal.