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Union Commerce and Industry Minister Piyush Goyal stated on Thursday that he met European Commissioner for Trade and Economic Security Maros Sefcovic on the sidelines of the G20 Trade Ministers' Meeting here to evaluate ongoing advancements regarding the formal signing and eventual implementation of the landmark India-European Union free trade agreement.
In addition to evaluating the bilateral trade pact, Goyal noted that both leaders conferred on collaborative strides achieved through the India-EU Trade and Technology Council, necessary structural reforms within the World Trade Organisation, and mutual strategic objectives at the G20. Sharing details of the diplomatic engagement on social media, Goyal stated in a post on X, "Reviewed progress towards the signing and entry into force of the India-EU FTA." India and the European Union successfully wrapped up comprehensive negotiations for the expansive trade accord earlier this year on January 27. The milestone followed arduous talks that initially commenced back in 2007 before being officially relaunched in 2022 following a lengthy hiatus of stalled discussions. The agreement advanced further earlier this month when the European Commission formally transmitted the text to the EU Council to secure authorisation for its signature and final conclusion. Underscoring the long-term economic significance of the pact earlier in September, Minister of State for Commerce and Industry Jitin Prasada noted that the bilateral trade agreement materialised after nearly 17 years of diplomatic engagement and is poised to unlock vast avenues for international commerce and capital investment. Prasada also emphasised that advanced technology transfers, robust domestic manufacturing ecosystems, and the integration of artificial intelligence will serve as foundational pillars for India's upcoming trajectory of industrial expansion. Furthermore, the Minister stressed that international corporations deploying capital within India must actively bolster indigenous manufacturing infrastructure and technological competencies through strategic joint ventures and knowledge sharing. Highlighting the critical imperative of elevating the quality benchmarks of Indian goods to align with stringent international standards, Prasada noted that broader commercial integration would significantly boost export volumes. He added that wider technological adoption and artificial intelligence integration would substantially enhance workplace productivity and lower operating expenditures, particularly for micro, small, and medium enterprises. (ANI)
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