Commerce and Industry Minister Piyush Goyal outlined six broad principles for building a mutually beneficial partnership between India and the European Union at a high-level meeting with Maros Sefcovic, European Commissioner for Trade and Economic Security on January 18-19.
The talks were aimed at setting up a new framework for an India-European Union strategic agenda in the area of trade and investment.
Piyush Goyal said that India would first work together with the European Union, a relationship based on common values of democracy, rule of law and independent judiciary, as a trusted partner for developing an economic relationship which integrates the combined market currently estimated at over $24 trillion, bringing unprecedented opportunities for the 2 billion people of India and the European Union.
Second, India would build a commercially meaningful trade agenda with the EU, which is fair and equitable, addressing the tariff and non-tariff barriers through simplification and cost competitiveness for benefits of businesses on both sides, especially small and medium enterprises, farmers and fishermen.
Third, in the endeavour to build India as a high-quality product market in terms of Prime Minister’s clarion call for a “zero defect” and “zero effect” production capability, it would engage with the European Union for exchange of best practices, harmonize standards and build mutual processes to achieve these objectives.
Fourth, India would work together with the European Union to develop cutting edge technologies, secure critical raw material supply chains and build resilient supply chains-reducing dependencies on non-market economies and developing closer economic ties between India and the EU.
Fifth, cooperation in the area of trade and sustainable development in a fair manner, keeping in mind the respective level of developments and the principle of common but differentiated responsibility.
Sixth, as a leader in harnessing technologies at scale and a nation home to young, aspirational and highly talented people, India would explore becoming a living bridge with the European Union to partner in mutual growth and development.
This was the first in-person meeting between the two leaders, subsequent to the introductory video conference held in December 2024.
With a view to building a new India-EU strategic agenda, the two leaders outlined political directions to both teams to develop a mutually beneficial agenda for trade and investment and a robust FTA in an expedited manner to meet global challenges, according to an official statement issued after the meeting.
The two leaders reviewed progress in the trade and investment group of the India-EU Trade and Technology Council (TTC), agreed to address legacy issues and laid a roadmap for continuous consultations between senior officials from both sides and at ministerial level.
The meeting was attended by senior officials from both sides, the statement added.
(IANS)
