India's Exports To Germany Could Cross USD 50 Bn By 2030 On FTA Utilisation, Stronger Industrial Ties: ASSOCHAM

(MENAFN- KNN India) New Delhi, Oct 24 (KNN) India's exports of goods and services to Germany could exceed USD 50 billion by 2030, driven by greater utilisation of the India-EU free trade agreement (FTA) and deeper industrial cooperation, according to a report by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

The report was released by Union Commerce and Industry Minister Piyush Goyal in Berlin. It highlighted opportunities to expand market access, investment and business partnerships by leveraging India's and Germany's strengths in manufacturing, technology and innovation.

ASSOCHAM President Nirmal K. Minda said stronger industrial cooperation could create opportunities for businesses in both countries, particularly micro, small and medium enterprises (MSMEs), ANI reported.

The India-EU FTA is expected to boost bilateral trade, with zero-duty access for a significant share of Indian exports benefiting sectors such as textiles, leather, footwear, gems and jewellery, marine products, engineering goods, pharmaceuticals and electronics.

The report also identified opportunities in advanced manufacturing, semiconductors, digital technology, critical minerals and defence.

Green Energy, Technology Cooperation

ASSOCHAM Secretary General Saurabh Sanyal highlighted opportunities in renewable energy, green hydrogen, electric mobility and battery storage under Germany's Green and Sustainable Development Partnership.

ASSOCHAM Chief Economist S. P. Sharma said greater use of the India-EU FTA could help India's exports to Germany reach USD 60 billion (EUR 54 billion) by 2030.

The report called for stronger business-to-business engagement, sectoral interactions and buyer-seller meetings to translate trade opportunities into commercial partnerships.

Goyal is visiting Germany and the Netherlands from October 22 to 27, leading a delegation of around 100 Indian businesses and startups to explore opportunities in trade, investment and industrial cooperation.

(KNN Bureau)

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