With ‘Mother of All Deals’ in Bag, Piyush Goyal Says Mother Will be Compassionate, Fair to All 28 Children
Introduction to the India-EU Trade Agreement
Commerce and Industry Minister Piyush Goyal recently emphasized the transformative potential of the trade agreement between India and the European Union, describing it as the mother of all deals. This pact is projected to double India’s exports to Europe within five years, benefiting all participating nations.
The Impact of the ‘Mother of All Deals’
– Projected Growth: The India-EU free trade agreement (FTA) is expected to significantly enhance India’s trade relations, with the country already enjoying a surplus in goods and services to the EU.
– Immediate Benefits: Upon implementation, 99% of India’s exports will gain duty-free access to the EU, which is anticipated to catalyze a substantial increase in outbound shipments.
– Current Figures: In 2024-25, India’s goods exports were USD 76 billion, while services exports reached USD 46 billion.
Goyal affirmed that this agreement would not only foster economic growth but also ensure a nurturing environment for all 28 nations involved.
Strategic Positioning and Call to Action
– Businesses Encouraged: Goyal invited domestic enterprises to seize this opportunity by increasing investments and expanding their production capacities. He highlighted the importance of looking beyond the comfort of the large local market.
– Consumer Focus: He stated that consumers, as the primary stakeholders, will benefit from lower prices resulting from this FTA.
In discussing the metaphor of the mother, Goyal remarked, “This mother will be compassionate and loving, ensuring that all her children—and indeed the 27 nations of Europe—will enjoy the fruits of this free trade agreement.
Future Aspirations
– Moving Forward: While the India-EU agreement is on the verge of implementation, Goyal also mentioned the ongoing negotiations with the United States, which aim to finalize a separate yet equally significant trade agreement swiftly.
– Export Goals: Goyal expressed optimism that India could achieve a remarkable export target of USD 2 trillion by 2032, signaling a robust economic future.
Conclusion: Embracing the ‘Mother of All Deals’
As India prepares to embark on this historic trade agreement with the EU, the mother of all deals symbolizes hope and opportunity for comprehensive growth across all sectors. By embracing this partnership, India aims to create a more inclusive and prosperous economy, benefiting not just individual stakeholders but entire nations. This compassionate approach promises to ensure that every child, or country, thrives in this new landscape of trade.