India Presents Six-Point Strategy to Enhance Economic Relations with EU
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Synopsis
During a high-level meeting in Brussels, Commerce and Industry Minister Piyush Goyal shared six fundamental principles aimed at strengthening India-EU economic ties. This strategic agenda focuses on trade, sustainable development, and technological collaboration, paving the way for mutual growth.
Key Takeaways
- Six principles for India-EU partnership.
- Focus on mutual values like democracy and rule of law.
- Creating a fair trade agenda for businesses.
- Collaboration on technology and supply chains.
- Commitment to sustainable development practices.
Brussels, Jan 19 (NationPress) Commerce and Industry Minister Piyush Goyal presented six key principles aimed at fostering a mutually beneficial partnership between India and the European Union during a high-level meeting with Maros Sefcovic, European Commissioner for Trade and Economic Security on January 18-19.
The discussions focused on establishing a new framework for an India-European Union strategic agenda regarding trade and investment.
Piyush Goyal emphasized that India aims to collaborate with the European Union, building a relationship grounded in shared values of democracy, rule of law, and an independent judiciary. This partnership seeks to integrate the collective market, currently valued at over $24 trillion, unlocking significant opportunities for the 2 billion citizens of India and the European Union.
Secondly, India intends to create a commercially meaningful trade agenda with the EU that is fair and equitable, addressing tariff and non-tariff barriers through simplification and cost competitiveness, particularly benefiting small and medium enterprises, farmers, and fishermen.
Thirdly, to establish India as a high-quality product market in line with the Prime Minister's vision for a 'zero defect' and 'zero effect' production capability, India will engage with the European Union to share best practices, align standards, and develop mutual processes to reach these goals.
Fourthly, India will collaborate with the European Union to advance cutting-edge technologies, secure critical raw material supply chains, and create resilient supply chains, thereby reducing dependency on non-market economies and strengthening economic ties.
Fifthly, cooperation in trade and sustainable development will be pursued in a fair manner, considering the respective levels of development and the principle of common but differentiated responsibility.
Lastly, as a leader in technology harnessing and home to a young, ambitious, and talented populace, India seeks to act as a living bridge with the EU to foster mutual growth and development.
This meeting marked the first in-person discussion between the two leaders following their introductory video conference in December 2024.
In order to establish a new India-EU strategic agenda, both leaders provided political guidance to their teams for developing a mutually beneficial framework for trade and investment, as well as a robust FTA to address global challenges, according to an official statement released post-meeting.
The two leaders reviewed the progress of the trade and investment group within the India-EU Trade and Technology Council (TTC), agreed on addressing legacy issues, and laid out a roadmap for ongoing consultations between senior officials from both sides, as well as at the ministerial level.
Senior officials from both parties attended the meeting, the statement concluded.
