New Delhi (India), 17th May 2023: India and the European Union (EU) have made substantial progress in advancing discussions for a mutually beneficial Free Trade Agreement (FTA), emphasising the importance of a strong cooperation.
According to the Ministry of Commerce and Industry, bilateral discussions took place during the inaugural India-European Union Trade and Technology Council (TTC) Ministerial Meeting in Brussels.
India’s Commerce and Industry Minister Piyush Goyal, the EU’s Executive Vice-President in charge of an Economy that Works for People, and EU Trade Commissioner Valdis Dombrovskis were among the major actors. Senior officials from both parties were present.
The talks emphasised India and the EU’s long-standing relationship, with leaders emphasising the need for a stronger partnership to protect democratic ideals and the rule-based global system.
The Indian ministry said that the focus was on accelerating the FTA negotiations, resolving all important concerns while taking into account each party’s sensitivities, particularly over market access. Leaders emphasised their belief that a well-balanced FTA will drive economic growth and create jobs on both sides.
The leaders also agreed to collaborate in the World Trade Organisation (WTO) on shared issues, emphasising the significance of consensus-based solutions. They expressed hope that their collaborative efforts would deliver meaningful results at the upcoming WTO Ministerial Conference.
The EU was represented by key industrial organisations such as Business Europe and Digital Europe, while Indian delegates came from a variety of industries including chemicals and digital infrastructure. Some industries, such as the agri-food business, took part remotely.
The discussions during the India-European Union TTC Ministerial Meeting show a shared commitment to strengthening ties and improving collaboration across a wide variety of disciplines.
