India-EU FTA to propel exports to Germany beyond $50 billion by 2030
New Delhi, Oct 23
India's exports of goods and services to Germany could exceed $50 billion by 2030 through greater utilisation of the India-EU Free Trade Agreement and deeper economic cooperation, according to a report released by Commerce and Industry Piyush Goyal.
According to a report of the industry chamber ASSOCHAM -- that was released by the minister in Berlin during his Germany visit -- noted that the India-EU FTA is expected to give bilateral trade fresh momentum.
"With the EU set to offer zero-duty access to a significant share of Indian exports, sectors such as textiles, apparel, leather, footwear, gems and jewellery, marine products, engineering goods, pharmaceuticals and electronics could benefit," it added.
ASSOCHAM President Nirmal K. Minda said that India and Germany can leverage their respective strengths in manufacturing, technology and innovation to deepen economic cooperation and unlock new growth opportunities.
"Deeper industry engagement can create new opportunities for businesses, particularly MSMEs, and strengthen long-term economic ties," he added.
According to the industry chamber, Germany's strong industrial sector and India's growing manufacturing and services sectors offer new opportunities for cooperation in advanced manufacturing, semiconductors, digital technology, critical minerals and defence.
"Germany's Green and Sustainable Development Partnership, alongside cooperation in renewable energy, green hydrogen, electric mobility and battery storage, can support investment, technology exchange and sustainable industrial development," said Saurabh Sanyal, Secretary General, ASSOCHAM.
"Stronger business-to-business engagement, sectoral interactions and buyer-seller meetings can help translate the growing partnership into tangible commercial outcomes and wider participation by Indian industry," he added.
SP Sharma of ASSOCHAM noted that India has tremendous potential for export growth with greater utilisation of the India-EU FTA and exports can even reach $60 billion (54 billion euro) by 2030.
"Greater cooperation in trade, investment and technology can provide a sustained boost to bilateral economic relations," Sharma said.
ASSOCHAM said it will continue to facilitate industry engagement and knowledge-sharing to help Indian businesses explore opportunities in Germany and strengthen the India-Germany strategic economic partnership.
— IANS
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