According to the sources, India's proposed free-trade agreement with the European Union could become operational within four to five months after it is signed, trade minister Piyush Goyal said on Thursday. The agreement is expected to be signed before the end of the year, he said during a visit to Germany, potentially accelerating market-access opportunities and investment flows between India and the 27-member EU bloc. Mr. Goyal also proposed an ambitious bilateral trade target of €310 billion between India and Germany, urging businesses in both countries to identify opportunities and prepare to maximise gains from the India-EU trade agreement. India and Germany currently have bilateral trade worth €31 billion. Drawing on India's contribution to the concept of zero, Goyal suggested adding a zero to the existing figure to raise the target to €310 billion. “That's for the businesses to decide. That's for the businesses to come up with a plan,” he said, calling on companies to align their efforts, identify sectors with complementary strengths and develop concrete strategies to achieve the target. Goyal urged businesses to begin preparing for the FTA by exchanging product samples, discussing quality standards and pricing, and putting the necessary arrangements in place before the agreement takes effect. He called on both countries to identify areas where German businesses could benefit from working with India, where Indian companies could offer a competitive advantage, and where Indian industry could learn from German expertise, particularly in apprenticeships and skill development. The minister said the two countries could turn global uncertainty into an opportunity for greater collaboration. He highlighted Germany's strengths in precision engineering, technical skills and quality, alongside India's infrastructure, digital capabilities and skilled workforce, as complementary assets that could support their future partnership. On the India-EU FTA, Goyal said negotiations that had continued for two decades had been concluded in the last 13 months. (ICE NEW DELHI)

Fonte notizia: Economic Times