Piyush Goyal and Maroš Šefčovič Discuss India-EU Trade Relations in Brussels
India and EU Strengthen Trade Ties
Meeting in Brussels
Commerce and Industry Minister Piyush Goyal met with Maroš Šefčovič, the European Commissioner for Trade and Economic Security, in Brussels from January 18-19, 2025. This was their first in-person meeting after a video conference in December 2024. The discussions aimed to create a meaningful trade agenda between India and the EU, working towards a Free Trade Agreement (FTA).
Key Principles for Partnership
Goyal outlined six principles to strengthen India-EU relations, focusing on democratic values, rule of law, and shared development goals. The first principle emphasized building a partnership based on common values, integrating their USD 24 trillion market to benefit over 2 billion people.
The second principle aimed at a fair trade agenda, addressing tariff and non-tariff barriers to help businesses, especially small and medium enterprises, farmers, and fishermen. India plans to boost its manufacturing sector with "zero defect" and "zero effect" production.
The third principle involved engaging the EU to exchange best practices and harmonize standards for high-quality production. Goyal stressed collaboration in developing technologies, securing raw material supply chains, and building resilient economic ties.
The fourth principle focused on sustainable trade practices, ensuring fairness in cooperation. Goyal proposed India as a "living bridge" to partner with the EU for mutual growth.
Future Directions
The leaders outlined a roadmap for a Free Trade Agreement and reviewed progress within the India-EU Trade and Technology Council. They agreed to resolve legacy issues and committed to continuous consultations at senior levels to tackle global challenges.
Doubts Revealed
Piyush Goyal
Piyush Goyal is an Indian politician who is currently serving as the Minister of Commerce and Industry. He is responsible for managing India's trade and industry policies.
Maroš Šefčovič
Maroš Šefčovič is a European politician who works for the European Union. He is the European Commissioner for Trade, which means he helps manage trade relationships between the EU and other countries.
Brussels
Brussels is the capital city of Belgium and is also considered the de facto capital of the European Union. Many important EU meetings and discussions take place there.
India-EU Trade Relations
India-EU Trade Relations refer to the economic and trade interactions between India and the European Union. This includes buying and selling goods and services between the two regions.
Free Trade Agreement
A Free Trade Agreement is a deal between countries to reduce or eliminate barriers like taxes on goods and services, making it easier to trade with each other.
Democratic values
Democratic values are principles that support democracy, such as fairness, equality, and freedom. These values are important for ensuring that everyone has a say in how things are run.
Sustainable practices
Sustainable practices are actions that help protect the environment and ensure resources are available for future generations. This includes using resources wisely and reducing waste.
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