New Delhi, Oct 8 (KNN) The Union Railways and Commerce & Industry Minister, Piyush Goyal said that removing trade barriers between Europe & India is essential to move forward on Wednesday. He called for strengthening 3-R approach that EU & India are using: Re-energise, Re-invent and Re-orient. EU is India’s largest trading partner block, with about $105 billion trade in goods in 2019. It is also the 2nd largest destination for Indian exports.

While addressing the Diplomatic & Industry Leadership Session on EU-India Collaborative Economic Growth on Wednesday, he said that Trade & economy is one of the most important pillars of India- European Union (EU) partnership. India is hopeful of working with EU towards a FTA, possibly starting with a Preferential Trade Agreement for an early harvest to get faster outcomes.

The minister said that India was one of the first countries to develop diplomatic relations with the EU & extend our hand of friendship. Our friendship with the people of EU & the chemistry between PM Modi & various leaders of EU member countries is indeed remarkable.”

He said “We believe we have to work towards balanced, ambitious & mutually beneficial trade & investment agreements. During the 15th India-EU summit in July 2020, we had adopted the EU-India strategic partnership which will guide our co-operation in the future.”

The minister said that India is looked upon as a trusted partner of the EU. India can be the trusted partner to move away from single source supply chains and countries can work in partnership with India for robust & sustainable global supply chains. During the pandemic, India never let down any of our friends”, he added.

The Minister said that as we have opened up the economy, we are seeing that India is rapidly turning around, restoring its economic situation, rapidly coming back to normalcy. Recently, we have removed all restrictions on export of N-95 masks & Personal Protective Equipment. In the month of September, in the goods & merchandise sector, we have grown by 5.27% over the corresponding period of last year.