Union Railways and Commerce & Industry Minister Piyush Goyal has said that Trade & economy is one of the most important pillars of India- European Union (EU) partnership. Addressing the Diplomatic & Industry Leadership Session on EU-India Collaborative Economic Growth, he said that we are also 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 called for strengthening 3-R approach that EU & India are using: Re-energise, Re-invent and Re-orient. He said that removing barriers to trade between Europe & India is essential to move forward. Goyal said that 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. 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.
He said that to combat the COVID crisis, India & Europe worked together whether it was for adequate supply of medicines to different European countries or other goods required to battle coronavirus. He said that through the lockdown, our Information Technology sector continued to serve businesses in Europe, without any interruption. We met all our international obligations & therefore, 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.
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