India is not living in isolation, says Piyush Goyal, as India-EU FTA and several trade pacts pave the way for German R&D

During his visit to Germany, Union Commerce and Industry Minister Piyush Goyal emphasized that India is not isolated, as it has opened its doors to global trade through various pacts. These include the India-EU free trade agreement and numerous other trade pacts that have created a network of opportunities for research cooperation with Germany. Goyal urged German research institutes to collaborate with Indian industry and academia, in order to transform research from the laboratory to the factory floor.

The minister highlighted the importance of research and industry partnerships, stating that the government can only serve as a catalyst in this process. He praised German institutes for their ability to bridge the gap between research and production, effectively turning ideas into tangible products. Goyal acknowledged the strong connection between Germany and India, and expressed his desire to build upon this relationship to unlock new possibilities for research and development.

The India-EU FTA, he noted, provides a significant boost to this partnership. With this agreement and the existing network of trade pacts, India now has access to a substantial portion of global markets. By the end of the next year or so, this access will cover 75 percent of global GDP. Goyal invited the research institutes to imagine the potential of combining German precision technology and engineering with Indian talent and low manufacturing costs to serve the global market.