India, EU to spice up financial ties by way of tech, provide chains, and commerce talks

India and the European Union have agreed to collaborate on cutting-edge applied sciences, safe crucial uncooked materials provide chains, and advance discussions on a Free Commerce Settlement (FTA) to spice up financial ties.

Commerce and Business Minister Piyush Goyal met with European Commissioner for Commerce and Financial Safety Maros Sefcovic on January 18-19 in Brussels to handle these priorities.

The 2 leaders targeted on the significance of a commercially significant commerce agenda that’s honest and equitable, specializing in simplifying tariffs and non-tariff obstacles to spice up value competitiveness for companies on each side.

“India would work along with the EU for growing innovative applied sciences, safe crucial uncooked materials provide chains and construct resilient provide chains- decreasing dependencies on non-market economies and growing nearer financial ties between India and the EU,” the commerce ministry mentioned in an announcement on Sunday.

Discussions additionally coated growing cooperation in commerce and sustainable growth, balancing respective ranges of growth and adhering to the precept of frequent however differentiated obligations.

Each side agreed to stipulate a roadmap for steady consultations between senior officers and ministers to expedite progress on a sturdy commerce and funding framework. The progress of the India-EU Commerce and Expertise Council (TTC) was additionally reviewed, with directives to handle legacy points.

The India-EU dialogue comes at a time of serious geopolitical shifts, with each side looking for to counter financial and provide chain dependencies on China. The European Union, grappling with power safety challenges because of the Russia-Ukraine battle, is eager to strengthen partnerships with like-minded democracies.

The proposed FTA holds the potential to reinforce commerce between the 2 areas, which reached $132 billion in 2022-23, whereas additionally addressing regulatory and market entry considerations.

With inputs from businesses