India-EU Talks Focus on Critical Raw Materials and Sustainable Trade Development

ENA Global 2025-01-20 15:39:48 New Delhi, Jan 20 (KNN) India and the European Union (EU) are gearing up to deepen their economic partnership through cutting-edge technology collaboration and robust supply chains for critical raw materials. Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic engaged in strategic discussions during their meeting in Brussels on January 18-19. The high-level talks centered on building a commercially meaningful trade agenda and expediting a mutually beneficial Free Trade Agreement (FTA). This initiative aims to address tariff and non-tariff barriers, simplifying processes to enhance cost competitiveness and benefit businesses on both sides. The Commerce and Industry Ministry emphasised that the partnership would ensure fairness and equity while fostering a conducive trade environment. India and the EU will work together to develop cutting-edge technologies and secure critical raw material supply chains. This partnership will build resilient supply chains, reduce dependencies on non-market economies, and foster closer economic ties, the ministry stated on Sunday. Recognizing the significance of trade and sustainable development, both sides agreed to increase cooperation while respecting their respective development levels and adhering to the principle of common but differentiated responsibilities. This nuanced approach underscores their commitment to achieving shared economic goals without compromising individual growth priorities. In their discussions, Goyal and Sefcovic provided political direction for advancing the trade and investment agenda under the India-EU Trade and Technology Council (TTC). They also reviewed progress within the TTC framework, addressed long-standing issues, and outlined a roadmap for continuous consultations at senior official and ministerial levels. By aligning efforts to meet global challenges, the leaders underscored the importance of an expedited, robust FTA to unlock the full potential of their partnership. This collaboration marks a significant step towards creating a balanced and resilient economic framework between India and the EU, paving the way for innovation, sustainable development, and mutually beneficial growth. (KNN Bureau) 40715 https://knnindia.co.in/news/newsdetails/global/india-eu-talks-focus-on-critical-raw-materials-and-sustainable-trade-development 2025-01-20 15:39:48 knnindia.co.in India-EU Talks Focus on Critical Raw Materials and Sustainable Trade Development