India & EU Collaborate to Accelerate Ongoing Talks for Trade Agreement, WTO Reforms

Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Piyush Goyal, and the Executive Vice-President of the European Commission responsible for an Economy that Works for People, Valdis Dombrovskis, along with the European Commissioner for Trade, emphasized the need to accelerate the ongoing negotiations for the India-European Union Free Trade Agreement (FTA) by finding common ground on all issues.

This crucial matter was discussed during a bilateral meeting between the leaders on the sidelines of the inaugural Ministerial meeting of the India-European Union Trade and Technology Council (TTC). Notable senior officials from both sides also attended the meeting.

During the discussions, the leaders acknowledged the longstanding partnership between India and the European Union, highlighting the importance of working together to deepen their association. Both sides share a commitment to democracy and rule-based international systems.

They stressed the urgency of expediting the FTA negotiations and finding areas of convergence on various issues, taking into account mutual sensitivities, particularly in terms of market access. Such outcomes are crucial in ensuring balanced and meaningful results that will boost both economies and employment.

In addition to the FTA negotiations, both parties reaffirmed their dedication to collaborating on common priorities for reforming the World Trade Organization (WTO). These priorities include addressing concerns related to the dispute resolution mechanism, subsidies in agriculture and fisheries, the e-commerce moratorium, and domestic legislations.

Recognizing the significance of their shared goals, they emphasized the importance of pursuing consensus-based solutions that support the livelihoods and food security of millions in India and other developing regions. With joint efforts, they expressed optimism in finding meaningful solutions during the upcoming WTO Ministerial Conference.

Following this bilateral meeting, a gathering of the stakeholders from Working Group 3 took place, co-chaired by Minister Piyush Goyal and Valdis Dombrovskis. The meeting involved representatives from India and the European Union, focusing on Trade, Investment, and Resilient Supply Chains. European industrial bodies such as Business Europe, Digital Europe, Food Drinks Europe, Copa-Cogeca, EFPIA, and ACEA were present on the EU side.

Meanwhile, Indian business leaders attended the meeting in person, representing sectors like chemicals, metals, textiles, digital infrastructure, and steel. Representatives from other sectors, including the agri-food industry and marine/logistics, participated virtually.