By TIOL News Service

NEW DELHI, DEC 20, 2024: COMMERCE and Industry Minister, Piyush Goyal held a video conference with Mr Maroš Šefcovic, European Commissioner for Trade and Economic Security; Interinstitutional Relations and Transparency last night. This conference-the first introductory meeting between the two leaders after the assumption of the charge of the new European Commission of the European Union(EU) - was convened to discuss India-EU Free Trade Agreement (FTA) negotiations, High Level Dialogue, India-EU Trade and Technology Council, other high level engagements & trade and investment issues. The meeting was attended by senior officials from both the sides.

The Commerce and Industry Minister welcomed that President Ursula von der Leyen was elected for a second mandate by the European Parliament in July 2024. He noted that Prime Minister Modi was given a historic and unprecedented third mandate by the people of India. With continuity and stability, both sides would strive to deepen the relationship amidst growing uncertainty and turbulence.

Goyal congratulated the EU Trade Commissioner Å efcovic on his new role in the European Commission and expressed confidence in working together to develop a new Strategic India-EU Agenda. Recognizing shared values of democracy and rule of law, the two leaders agreed to explore ways to ensure greater wealth and prosperity for about 2 billion people of India and the EU.

Following nine rounds of intensive negotiations, FTA discussions require strategic political guidance to conclude a commercially significant and mutually beneficial agreement, with due consideration given to each side's sensitivities. Minister Goyal underlined that non-tariff barriers were impeding trade and emphasized the need to address long pending issues as a confidence building measure. Both sides agreed to explore a balanced, equitable, ambitious and mutually beneficial FTA.

The two leaders committed to schedule a bilateral visit to understand each other's sensitivities and concerns at a date convenient to both sides, through diplomatic channels.