India-Germany trade can surge 10-fold, says Piyush Goyal
India-Germany bilateral trade is expected to increase significantly, with aims of reaching 310 billion from 31 billion. Both countries are focused on co-creating and leveraging their complementary strengths for economic growth. The India-EU free trade agreement is anticipated to be signed soon and will facilitate mutual benefits. Minister Piyush Goyal emphasized the importance of trust and…
India's Commerce and Industry Minister Piyush Goyal has stated that bilateral trade between India and Germany could potentially surge tenfold, from the current $31 billion to $310 billion, by leveraging their complementary strengths and co-creating innovative solutions. German Economic Affairs and Energy Minister Katharina Reiche echoed this sentiment, calling for the reduction of bureaucratic hurdles and collaboration on joint projects.
The India-EU Free Trade Agreement (FTA) is anticipated to be signed by the end of the year and operational within 4-5 months. Germany is India's premier trading partner in Europe, with over 2,000 German companies currently operating in India. The two nations can strengthen their supply chains, enhance economic resilience, and drive transformational growth through the green transition and emerging technologies.
Goyal also inaugurated the India Centre of German Council on Foreign Relations (DGAP) to promote bilateral understanding and shape the future of the partnership by fostering a platform for Indian perspectives in Berlin and aiding Indian stakeholders in comprehending Germany and Europe.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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