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India-EU held talks to boost trade and investment

August 27, 2023 10:38 AM IST

Piyush Goyal | India-EU relations

The 3rd High-Level Dialogue (HLD) between India and the European Union (EU) was held on August 26 and deliberated enhancing trade and investment relations. The meeting, co-chaired by Union Minister Piyush Goyal and EU’s Executive Vice President of the European Commission Valdis Dombrovskis, signaled advancing economic cooperation between them.

While giving details, Union Minister Piyush Goyal said, “Discussed the progress made in the ongoing India-EU FTA negotiations and explored ways to further strengthen our trade and economic partnership.” 

“There is a clear political willingness on both sides to change gear and make faster progress. We must now use this momentum to bridge major gaps that remain,” said Valdis Dombrovskis.  

The HLD was a direct outcome of the 15th India-EU Leaders Summit held in 2020, with an objective for ministerial-level guidance towards bilateral trade and investment relations.

During the dialogue, both ministers took stock of the three ongoing negotiations: the India-EU Free Trade Agreement, the Investment Protection Agreement, and the Geographical Indications Agreement. The discussions highlighted the substantial progress made in these negotiations.

Market access emerged as a crucial point of discussion as both sides discussed the issue. Additionally, both sides reviewed the progress made so far under the India-EU Trade and Technology Council. The upcoming MC-13 matters were also briefly discussed during the meeting.

India-EU FTA: A Mutual Avenue for Growth

The ongoing negotiations for the India-EU Free Trade Agreement hold immense promise for both regions. An FTA between India and the EU, two economic powerhouses, could unlock an array of opportunities. As India is eyeing becoming the third largest economy, collaboration with the EU stands as a cornerstone in this journey. For the EU, the partnership with India could create enormous avenues for European businesses to tap into India’s burgeoning market.

The meeting concluded with both ministers expressing confidence in the ongoing three negotiations and committing themselves towards deepening of the India-EU commercial and economic partnership.

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