The two leaders reviewed progress in the trade and investment group of the India- European Union (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 Ministry of Commerce and Industry said in a press release.
The dialogue was aimed at setting up a new framework for India-EU strategic agenda in trade and investments. The Indian minister underlined the commitment of Prime Minister Narendra Modi’s government towards transforming India into a developed country by 2047. Goyal outlined the broad principles for building a mutually beneficial partnership between India and the European Union.
India aims to strengthen its partnership with the European Union (EU) based on shared values of democracy, rule of law, and an independent judiciary, fostering an economic relationship that integrates their combined $24 trillion market, added the release.
It seeks to establish a commercially meaningful and equitable trade agenda, addressing tariff and non-tariff barriers to benefit businesses, particularly small and medium enterprises (SMEs), farmers, and fishermen. Aligning with the 'zero defect, zero effect' vision, India will collaborate with the EU to harmonise standards and exchange best practices.
Additionally, both partners will work on developing cutting-edge technologies, securing critical raw material supply chains, and reducing dependencies on non-market economies. Cooperation will extend to trade and sustainable development, respecting different levels of progress and shared responsibilities. As a tech-driven nation with a young, skilled workforce, India aspires to become a bridge for mutual growth and development with the EU.
ALCHEMPro News Desk (SG)
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