Piyush Goyal holds high-level dialogue with European Commissioner for Trade and Economic Security

This marked their first in-person meeting following a video conference held in December 2024. The dialogue was a step forward in creating a commercially meaningful trade agenda between India and the European Union (EU), with the goal of working toward a mutually beneficial Free Trade Agreement (FTA).

Goyal and Commissioner Sefcovic's meeting, conducted with respect and a focus on mutual sensitivities, was aimed at establishing a new framework for the India-EU strategic agenda in trade and investment. During the discussions, Goyal reaffirmed the Indian government's commitment to transforming the country into a developed nation by 2047. He outlined six key principles for strengthening the relationship between India and the EU. These principles emphasize democratic values, the rule of law, and a shared commitment to development.

The first principle focused on building a robust partnership based on common values, with India and the EU aiming to integrate their combined USD 24 trillion market to provide opportunities for both regions. This would benefit more than 2 billion people across India and the EU.

The second principle stressed the importance of creating a fair, equitable trade agenda that addresses both tariff and non-tariff barriers, making it simpler and more cost-effective for businesses, particularly small and medium enterprises, farmers, and fishermen, as per the official press release.

Additionally, India aims to strengthen its manufacturing sector, aligning with Prime Minister Modi's call for "zero defect" and "zero effect" production. The third principle outlined plans for engaging the EU to exchange best practices, and harmonise standards and processes to ensure high-quality production. Goyal also emphasized the importance of collaboration in developing cutting-edge technologies, securing critical raw material supply chains, and building resilient economic ties between India and the EU to reduce dependence on non-market economies.

The fourth principle focused on developing sustainable trade practices that align with both countries' levels of development, ensuring fairness in their cooperative efforts. Lastly, Goyal proposed that India, as a leader in harnessing scalable technologies, would act as a "living bridge" to partner with the EU for mutual growth and development.

As part of their discussions, the two leaders outlined directions for both sides to work together on establishing a mutually beneficial trade and investment agenda, as well as a roadmap for a Free Trade Agreement.

They also reviewed progress within the India-EU Trade and Technology Council (TTC) and agreed to resolve any legacy issues, the press release stated.

Both sides committed to continuous consultations at the senior official and ministerial levels, ensuring that global challenges are met with strong, aligned efforts. Senior officials from both sides were present at the meeting, underscoring the importance of ongoing collaboration. (ANI)