Berlin [Germany], October 24 (ANI): Union Commerce and Industry Minister Piyush Goyal said research cooperation between India and Germany could unlock significant opportunities for joint innovation, product development and manufacturing in India.

Addressing the Berlin Global Dialogue, Goyal highlighted the deep and trusted partnership between India and Germany, saying the conclusion of the India-EU Free Trade Agreement (FTA) has opened a new chapter in bilateral cooperation, particularly in research and development (R&D).

"The research cooperation, which we envisage with Germany, can open up huge opportunities to co-develop, co-design, co-create, co-innovate, manufacture in India, meet the large market in India, with the plethora of free trade agreements that we have got into," he said.

As per Goyal, India's trade agreements already cover two-thirds of global markets and could extend to 75 per cent of global GDP over the next 12 to 18 months. He also emphasised the potential of combining German precision technology and engineering with India's skilled workforce and cost-effective manufacturing capabilities to serve global markets.

"Covering already two-thirds of global markets, and in the next year, year and a half, will cover 75 percent of global GDP. Can you imagine German precision technology and engineering, Indian talent and affordable costs of manufacturing, serving the globe? That's the ambition that I have come to invite you to," he said.

Union Commerce and Industry Minister Piyush Goyal held discussions with German Federal Minister for Economic Affairs and Energy Katherina Reiche in Berlin on strengthening bilateral trade and investment ties, with a focus on opportunities arising from the India-European Union Free Trade Agreement (FTA), the Ministry of Commerce and Industry said in a statement on Friday.

The two ministers explored opportunities to deepen industrial cooperation and discussed the potential of the India-EU FTA to boost trade and investment ties between the two countries.

During his visit, Goyal also co-chaired an India-Germany Business Roundtable, organised in collaboration with the German Council on Foreign Relations (DGAP) and the Asia-Pacific Committee of German Business (APA). The roundtable brought together leading German CEOs and business representatives to explore ways to translate the proposed trade agreement into tangible business and investment opportunities. (ANI)