India to work with EU on developing modern tech, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said that India would work with the European Union to develop cutting-edge technologies and secure critical raw material supply chains to strengthen economic ties.

These issues were discussed during a meeting between Goyal and Maros Sefcovic, European Commissioner for Trade and Economic Security on January 18-19 in Brussels.

The two leaders also agreed to build a commercially meaningful trade agenda and work towards a mutually beneficial Free Trade Agreement (FTA).

The commerce and industry ministry in a statement on Sunday said that India would build a commercially meaningful trade agenda with the EU, which is fair and equitable, addressing the tariff and non-tariff barriers through simplification and cost competitiveness for benefits of businesses from both sides.

"India would work together with the EU for developing cutting edge technologies, secure critical raw material supply chains and build resilient supply chains- reducing dependencies on non-market economies and developing closer economic ties between India and the EU," it said.

Both sides also discussed increasing cooperation in the area of trade and sustainable development in a fair manner keeping in mind the respective level of developments and the principle of common but differentiated responsibility.

"The two leaders outlined political directions to both the teams to develop a mutually beneficial agenda for trade and investment and a robust FTA in an expedited manner to meet global challenges," the ministry said.

They reviewed progress in the trade and investment group of the India-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.