India-EU trade pact will be 'the mother of all deals', says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal (Courtesy: PTI photo)

• India-EU FTA called the "mother of all deals" by minister Piyush Goyal
• Goyal assures India's interests won't be compromised in EU FTA negotiations
• Talks for a US-India trade agreement are ongoing, says Goyal

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Commerce and industry minister Piyush Goyal on Friday said the proposed free trade agreement (FTA) between India and European Union (EU) will be the “mother of all deals” signed by the country so far.

"We have done FTA deals with seven developed countries so far. This one (EU) will be the mother of all. It will cover two of the world's most powerful economies. We have very good growth possibilities," Goyal said in New Delhi.

As commerce and industry minister, Goyal has played a key role in concluding free trade agreements with the UAE, Australia, the European Free Trade Association, the UK, Oman, New Zealand and Mauritius. Several more accords are under discussion, including a proposed bilateral trade agreement with the United States.

On the agreement with EU, where negotiations are reportedly in the final phase, Goyal said, “It will be a win-win deal for both, but the good part is that we don't compete with each other.”

The minister assured that India would not compromise its national interests in pursuit of the agreement. "I can assure you that we will not compromise the benefit of our country with the FTA deal with the EU," Goyal stated firmly.

Goyal also credited Prime Minister Narendra Modi’s leadership for shaping India’s confident and forward-looking approach to trade negotiations.

"Previous governments were very scared to do FTAs with the developed world. We go to the developed world with full confidence. We are willing to take bold decisions, and therefore we get the best deal out of the other countries," he said.

The minister drew attention to the trust factor, stating that PM Modi approaches negotiations backed by the confidence of 140 crore Indians and recognition from foreign governments of India's emergence as a superpower. He also praised the Prime Minister's risk-taking approach, comparing him to a startup entrepreneur willing to make bold moves.

On the proposed FTA with the United States, Goyal pointed that negotiations are moving ahead. "Negotiations are ongoing. The US deal will be done at the right time," he said, without providing a specific timeline.