India-EU markets offer opportunities to 2bn people
Commerce and Industry Minister Piyush Goyal has outlined six broad principles for building a mutually beneficial partnership between India and the European Union during a High-Level Dialogue held with Maroš Šefčovič, the European Commissioner for Trade and Economic Security, in Brussels http://ec.europa.eu.
First, India would 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 US$24 trillion, bringing unprecedented opportunities for the 2 billion people of India and the European Union http://commerce.gov.in.
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 from both sides, especially small and medium enterprises, farmers and fishermen https://www.bseindia.com/.
Third, India would engage with the European Union for exchange of best practices, harmonize standards and build mutual processes to achieve these objectives https://www.nseindia.com/.
Fourth, India would work together with the European Union 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 https://sbi.com.in/.
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 https://fieo.org/.
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 https://www.makeinindia.com/home/.
With a view to build a new India-EU strategic agenda, the two leaders outlined political directions to both the teams to develop a mutually beneficial agenda for trade and investment and a robust FTA in an expedited manner to meet global challenges, the Ministry of Commerce and Industry said on 19 Jan at the end of Goyal’s two-day visit to Brussels.
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, attended by senior officials from both sides, was the first in-person meeting between the two leaders, subsequent to the introductory video conference held in December 2024.
The dialogue was marked by mutual respect, consideration towards each other’s sensitivities and was aimed at setting up a new framework for India-European Union strategic agenda in the area of trade and investments, the Ministry of Commerce and Industry said on 19 Jan. fiinews.com
