India will collaborate with the European Union to secure vital raw material supply chains and develop advanced technologies in order to fortify economic connections, according to Commerce and Industry Minister Piyush Goyal.
On January 18–19 in Brussels, Mr. Goyal met with European Commissioner for Trade and Economic Security Maros Sefcovic to discuss these matters.
A mutually advantageous Free Trade Agreement (FTA) and the development of a commercially significant trade agenda were also agreed upon by the two presidents.
India will develop a commercially significant, fair, and equitable trade agenda with the EU, addressing tariff and non-tariff barriers through simplification and cost competitiveness for the benefit of businesses on both sides, according to a statement released by the Commerce and Industry Ministry on Sunday, January 19, 2025.
“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 Ministry said.
Keeping in mind the various degrees of development and the idea of common but differentiated responsibility, both parties also talked about expanding cooperation in the areas of commerce and sustainable development in a fair way.
“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 said. They reviewed progress in the trade and investment group of the India-EU Trade and Technology Council, agreed to address legacy issues, and laid a roadmap for continuous consultations between senior officials from both sides and at the Ministerial level.
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