Goyal’s comments came amid Congress’s concerns over the agreement’s potential impact on domestic industry and regulations.
However, both India and the EU have hailed the trade pact, dubbed the ‘mother of all deals’, as a milestone in strengthening their economic and strategic partnership.
On Wednesday, the Congress raised a series of concerns and accused the Center of failing to ensure important safeguards for Indian industries. The party pointed to the lack of an exemption for the Indian aluminum and steel sector from the EU’s Carbon Border Adjustment Mechanism (CBAM), as well as the scale of tariff reductions or relief that reportedly covers more than 96 percent of EU exports to India.
Senior leader Jairam Ramesh also raised concerns over the EU’s stringent health and product safety standards, which will continue to apply to Indian exports even after the FTA comes into force. He further highlighted concerns around refined fuels, India’s largest export category to the EU, and how these could be affected by the new trade framework.
In response, Goyal asserted that the agreement is not a zero-sum arrangement, but rather provides substantial economic opportunities for businesses and citizens. He described it as a “win-win pact, which will boost the country’s economic growth and create enormous opportunities for businesses and people.”
“Is this a story about sour grapes? It is interesting to see that today those who could not take decisions because they were not connected to the people on the ground are making a virtue of doing nothing. Our people have paid a huge cost for this missed opportunity,” the Union Minister said in a message on X.
He questioned the negative assessment of the deal while emphasizing its global economic significance. “If the whole world calls it the ‘mother of all deals’, my friend thinks it’s overhyped.” He pointed to a combined GDP of $25 trillion, global trade of $11 trillion and a common market of 2 billion people, highlighting the complementary nature of the two economies.
The Commerce Secretary also insisted that the deal is mutually beneficial, stating: “It is not a zero-sum deal, but a win-win deal that will boost our economic growth and create an abundance of opportunities for our businesses and people.” He also highlighted India’s efforts to address concerns over CBAM and trade barriers for domestic exporters.
On resolving trade challenges, Goyal said, “We have found creative ways to tackle these complex and sensitive issues through dialogue, trust and support with our partners rather than ‘just my way or highway’ kind of immature, illogical and rigid positions.”
He described the agreement as a long-term strategic commitment based on trust and mutual respect.
Goyal also touched on sector-specific issues, especially in the automotive and manufacturing sectors. He said the quota-based, premium segment-focused and phased car offering is aimed at boosting ‘Make in India’, with some delay for electric cars.
Liberalizing CKD imports (completely knocked down) will push EU OEMs to set up local assembly lines, moving foreign OEMs from importing to assembling and eventually to full localization as they build local supply chains.
He concluded by highlighting the broader benefits for consumers and the manufacturing ecosystem.
“This will bring high-performance manufacturing processes, quality standards and advanced R&D practices to the Indian ecosystem. It will also create new demand and benefit consumers by expanding choice with faster access to global models. It will also improve safety and technical standards.”
– Ends
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