New Delhi [India], October 22 (ANI): Union Commerce and Industry Minister Piyush Goyal on Thursday pitched an ambitious target of expanding India-Germany bilateral trade from the current level of around 31.5 billion euros to 310 billion euros, calling for deeper industrial collaboration, investment and technology partnerships between the two countries.
Addressing the India-Germany Business Roundtable and inaugurating the India Centre of the German Council on Foreign Relations (DGAP), Goyal said the two countries could leverage their complementary strengths to strengthen supply chains and create new economic opportunities amid global uncertainty.
"Germany's precision engineering, your Mittelstand's commitment to quality with Indian infrastructure, our desire to upgrade Indian infrastructure, our digital capabilities, our youthful, skilled, and talented people," he said, outlining the areas that could drive bilateral cooperation.
Goyal said the proposed 310-billion-euro trade ambition would require businesses on both sides to identify priority sectors, assess comparative advantages and develop concrete plans. He did not specify a timeline for achieving the target, leaving it to businesses to determine the roadmap.
India and Germany are marking 75 years of diplomatic relations, with Goyal describing the European country as a role model for India in areas such as manufacturing, precision engineering, apprenticeships and skill development.
He said the newly inaugurated India Centre at DGAP could play a key role in strengthening bilateral understanding and shaping the future of the partnership by providing a platform for Indian perspectives in Berlin and helping Indian stakeholders better understand Germany and Europe.
Highlighting the India-European Union Free Trade Agreement (FTA), Goyal said the agreement had been finalised after years of negotiations, with the final points concluded in January this year. He expressed confidence that it would move towards signing rapidly following the necessary parliamentary processes and could become operational within the next four to five months.
The minister urged businesses to begin preparations ahead of the agreement's implementation by identifying customers, investors and collaborators, exchanging information on quality requirements and pricing, and preparing to expand trade and investment.
Goyal also called for cooperation in strengthening economic security without compromising openness, creating industrial opportunities through the green transition and using emerging technologies to drive growth while maintaining trust.
He said India and Germany should move beyond products merely being "Made in India" or "Made in Germany" towards goods and technologies "co-created" by both countries, adding that closer links between trade, investment, manufacturing, research and academia would help them compete globally.
Minister Piyush Goyal is on an official visit to Germany from October 22 to 24. He will then travel to the Netherlands from October 24 to 27. (ANI)
Piyush Goyal pitches EUR 310 billion India-Germany trade ambition, calls for deeper industrial collaboration
