NEW DELHI, Jan 19: Piyush Goyal, the Minister of Commerce and Industry, announced that India aims to collaborate with the European Union to advance cutting-edge technologies and ensure secure supply chains for critical raw materials, thereby enhancing economic relations.
This collaboration was a topic of discussion during Goyal’s meeting with Maros Sefcovic, the European Commissioner for Trade and Economic Security, held in Brussels on January 18-19.
The two officials also reached a consensus on creating a robust trade agenda that would facilitate a mutually beneficial Free Trade Agreement (FTA).
According to a statement from the commerce and industry ministry on Sunday, India intends to establish a fair and equitable trade agenda with the EU, which addresses both tariff and non-tariff barriers while simplifying processes and enhancing cost competitiveness for businesses on both sides.
The ministry further highlighted that India seeks to collaborate with the EU on developing innovative technologies and securing supply chains for critical raw materials to build resilient partnerships, thereby decreasing reliance on non-market economies.
Additionally, both parties discussed enhancing cooperation in trade and sustainable development in an equitable manner that acknowledges their different levels of development and adheres to the principle of common but differentiated responsibilities.
The two leaders provided political guidance to their respective teams to formulate a mutually beneficial trade and investment agenda and expedite the development of a substantial FTA to tackle global challenges.
They reviewed the progress made in the India-EU Trade and Technology Council (TTC) regarding trade and investment, agreed to tackle legacy issues, and established a roadmap for ongoing discussions between senior officials and at the ministerial level. (PTI)
