{
  "id": 16189388,
  "title": "EU firms must look for trusted partner countries as manufacturing costs surge: Piyush Goyal",
  "url": "https://urgent.news/2026/10/23/eu-firms-must-look-for-trusted-partner-countries-as-manufacturing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T13:29:17.000Z",
  "source": {
    "name": "Live Mint",
    "slug": "live-mint",
    "url": "https://www.livemint.com/news/eu-firms-must-look-for-trusted-partner-countries-as-manufacturing-costs-surge-piyush-goyal-11792756205345.html"
  },
  "original_language": "en",
  "account": "European manufacturing is facing higher costs, with Indian Commerce and Industry Minister Piyush Goyal urging companies to seek trusted partner countries to produce goods that are becoming too expensive at home. The IMF predicts 1.3% EU GDP growth in 2026, while India's growth is now forecasted at 7% for FY27. Goyal emphasized the importance of a free trade agreement (FTA) between India and the EU, stressing that it is a symbol of supply chain openness and friendly relations. Both nations are expected to sign the proposed FTA by the end of the year. Goyal also highlighted that India is investing $200 billion in data centers, a move which will be facilitated by its rapidly decarbonizing economy, offering an advantage under the EU's carbon border adjustment mechanism (CBAM). India's exports to the EU primarily consist of chemicals, machinery, and base metals, while its imports from the EU are dominated by machinery and appliances, textiles, and chemicals. The EU-India FTA is seen as a significant development, providing access to a market with a collective GDP of nearly $20 trillion.",
  "summary": "The commerce minister’s statement comes as India and the EU prepare to sign a proposed free trade agreement by the end of the calendar year.",
  "key_points": [
    "Indian Commerce Minister Piyush Goyal warns EU firms to seek cheaper manufacturing partners.",
    "IMF projects 1.3% EU GDP growth in 2026, India's forecasted at 7% for FY27.",
    "India and EU expected to sign FTA by year-end, boosting trade and investment."
  ],
  "editors_take": "The proposed free trade agreement offers European manufacturers a strategic escape from rising domestic production costs by providing access to India's growing economy and decarbonizing industrial landscape.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Economic Times - Economy",
        "title": "India to remain strict on quality: Industry minister Piyush Goyal",
        "url": "https://urgent.news/2026/10/23/india-to-remain-strict-on-quality-industry-minister-piyush-goyal",
        "published": "2026-10-23T18:02:54.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}