India’s demographic dividend will help boost Europe trade: Goyal

Aspirational India will offer a demographic dividend that will help the growth of the India-Europe economic partnerships and geopolitical engagements, commerce minister Piyush Goyal said.

India is a nation that has adopted the philosophy of reform, perform and transform’, Goyal said at the Confederation of Indian Industry (CII) India-Europe Business and Sustainability Conclave, while emphasizing the nation’s “contribution of a 3D vision to the world” backed by democracy, demography and demand.

Europe is India’s second largest trading partner with bilateral trade in excess of $185 billion in 2022-23, including $96.90 billion worth of exports. Europe accounts for 21.8% of India’s total exports.

The negotiations for FTA between the European Union (EU) and India commenced in 2007 but were halted in 2013. However, in 2022, the negotiations were revived.

A high-level Indian official delegation headed by commerce secretary Sunil Barthwal is in London this week to negotiate on the key remaining issues in the proposed India-UK FTA.

The chief negotiators of both countries would hold negotiations on issues including goods, services, and rules of origin, Press Trust of India (PTI) reported.

Earlier this month, a UK delegation led by Prime Minister Rishi Sunak’s chief economic advisor, Douglas McNeill, was in New Delhi. The delegation met finance minister Nirmala Sitharaman, commerce and industry minister Piyush Goyal, and senior officials in the Prime Minister’s Office.

The bilateral trade between India and the UK increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22. The two countries hope to double bilateral trade to $100 billion by 2030 if the FTA is implemented soon.

Goyal said that with the launch of the Global Biofuels Alliance and India-Middle East-Europe Economic Corridor, New Delhi will aid the free world to work together through transparent and fair play in trading systems.

The minister noted that the government is working towards a women-led development and is preparing the nation with strong macroeconomic fundamentals supported by a large pool of young aspirational talent.

The aspirational new-generation, with an average age of under 30 years, will enable India to be a fully developed nation by 2047 alongside working on inclusive and sustainable growth, he added.