India-EU Trade Deal Could Boost Exports to Germany Beyond $50 Billion by 2030, Report Says
A new report suggests Indias exports to Germany could exceed $50 billion by 2030, driven by the India-EU free trade agreement.
New Delhi, October 23 (Daily Kiran) : A recent report released by India’s Union Minister of Commerce and Industry, Piyush Goyal, highlights the potential of the proposed India-European Union (EU) Free Trade Agreement (FTA) to elevate economic ties with Germany. The report indicates that India’s exports of goods and services to Germany could surpass $50 billion by 2030.
The findings were presented during Goyal’s visit to Berlin and were compiled by the industry body Assocham. The report emphasizes that effective utilization of the India-EU FTA and enhanced economic cooperation will be crucial in achieving this ambitious target.
According to the report, the FTA is expected to revitalize bilateral trade, with the EU likely to grant zero tariffs on a significant portion of Indian exports. This is anticipated to benefit sectors such as textiles, apparel, leather and footwear, gemstones and jewelry, seafood, engineering goods, pharmaceuticals, and electronics.
Nirmal K. Minda, President of Assocham, remarked that India and Germany could deepen their economic collaboration by leveraging their manufacturing capabilities, technical expertise, and innovation strengths. He noted that increasing collaboration between industries, especially in the MSME sector, would create new opportunities and fortify long-term economic ties between the two nations.
The report also points out that Germany’s robust industrial base, coupled with India’s rapidly growing manufacturing and service sectors, presents new avenues for collaboration in advanced manufacturing, semiconductors, digital technology, critical minerals, and defense sectors.
Saurabh Sanyal, Secretary General of Assocham, added that Germany’s Green and Sustainable Development Partnership, along with cooperation in renewable energy, green hydrogen, electric mobility, and battery storage, could accelerate investment, technology transfer, and sustainable industrial growth.
He emphasized that fostering business-to-business connections, sectoral dialogues, and buyer-seller meetings could transform this burgeoning partnership into tangible business outcomes, broadening the participation of Indian industries.
Furthermore, Assocham’s Chief Economist, S.P. Sharma, predicted that if the India-EU FTA is fully utilized, India’s exports could see a significant rise, potentially reaching $60 billion (approximately €54 billion) by 2030. He stated that increases in trade, investment, and technical cooperation would strengthen the economic relationship between the two countries over the long term.
Assocham also expressed its commitment to facilitating connections between Indian industries and opportunities in Germany, aiming to bolster the strategic economic partnership between India and Germany.
