 "Minister of Commerce and Industry Piyush Goyal accused China of using the World Trade Organisation’s policies to its advantage, flooding various economies with goods at low prices which often do not meet quality standards.")
India and the European Union have agreed to collaborate on cutting-edge technologies, secure critical raw material supply chains, and advance discussions on a Free Trade Agreement (FTA) to boost economic ties.
Commerce and Industry Minister Piyush Goyal met with European Commissioner for Trade and Economic Security Maros Sefcovic on January 18-19 in Brussels to address these priorities.
The two leaders focused on the importance of a commercially meaningful trade agenda that is fair and equitable, focusing on simplifying tariffs and non-tariff barriers to boost cost competitiveness for businesses on both sides.
“India would work together with the EU for developing 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,” the commerce ministry said in a statement on Sunday.
Discussions also covered increasing cooperation in trade and sustainable development, balancing respective levels of development and adhering to the principle of common but differentiated responsibilities.
Both sides agreed to outline a roadmap for continuous consultations between senior officials and ministers to expedite progress on a robust trade and investment framework. The progress of the India-EU Trade and Technology Council (TTC) was also reviewed, with directives to address legacy issues.
The India-EU dialogue comes at a time of significant geopolitical shifts, with both sides seeking to counter economic and supply chain dependencies on China. The European Union, grappling with energy security challenges due to the Russia-Ukraine conflict, is keen to strengthen partnerships with like-minded democracies.
Impact Shorts
More ShortsThe proposed FTA holds the potential to enhance trade between the two regions, which reached $132 billion in 2022-23, while also addressing regulatory and market access concerns.
With inputs from agencies