During visit to Brussels, Piyush Goyal, Union Minister of Commerce and Industry, led a significant diplomatic engagement with key ministers and industry leaders, focusing on enhancing the strategic partnership between India and the European Union. His visit resulted in fruitful discussions aimed at boosting bilateral trade, investment, and cultural ties.
High-Level Dialogue on Trade & Investment: Key Outcomes
The centerpiece of Minister Goyal’s visit was the High-Level Dialogue on Trade & Investment with EU Commissioner for Trade and Economic Security, Maroš Šefčovič. This dialogue resulted in a series of key outcomes that laid the groundwork for a stronger India-EU partnership.
Six key principles were agreed upon to promote mutual economic growth, including:
Strengthening economic ties through fair trade practices
Ensuring high-quality standards
Enhancing supply chain resilience
Leveraging India's technological and talent resources for global growth These principles underscore the commitment of both India and the EU to collaborate for shared prosperity, with a focus on trade and investment.
These principles underscore the commitment of both India and the EU to collaborate for shared prosperity, with a focus on trade and investment.
Fast-Tracking Free Trade Agreement Talks
A significant development was the agreement to fast-track Free Trade Agreement (FTA) talks between India and the EU, which will pave the way for a more comprehensive and equitable trade relationship. Minister Goyal emphasized the need for a commercially meaningful and fair trade agreement that would benefit both sides, further solidifying India as an attractive destination for investment.
Engaging with the Indian Diaspora
Minister Goyal also had the pleasure of engaging with Indian students at KU Leuven University in Belgium. He shared his insights on India’s remarkable growth over the last decade, driven by structural reforms, innovation, and decisive leadership. He urged the students to be part of India's success story during the Amrit Kaal, highlighting India’s dynamic role on the global stage.
Additionally, he interacted with the Indian diaspora in Belgium and Luxembourg, acknowledging their contributions to India’s progress. He emphasized how their achievements abroad make them some of India’s strongest brand ambassadors. Minister Goyal encouraged them to continue strengthening their ties with India and contribute to the vision of a Viksit Bharat (Developed India).
Strengthening Trade with Belgian and European Companies
The visit also provided an opportunity for Minister Goyal to meet senior management from several European companies, as well as the heads of business associations in Brussels. He conveyed India's commitment to a fair and equitable Free Trade Agreement, urging business leaders to explore India’s full investment potential in areas such as sustainable technologies, semiconductors, and agriculture.
Addressing Concerns of the Diamond Industry
A key moment of the visit was a deliberation with the Antwerp World Diamond Centre (AWDC), led by its president. Minister Goyal discussed India’s stance on protecting the interests of its Small & Medium Enterprises (SMEs) and individuals in the diamond sector. He also highlighted the importance of extending the technology-based certification deadline, which would support Indian small businesses and protect consumer interests in the industry.
Collaboration with Belgian Minister of Foreign Affairs
Minister Goyal’s visit concluded with a productive meeting with Bernard Quintin, Belgian Minister of Foreign Affairs, European Affairs, Foreign Trade, and Federal Cultural Institutions. They discussed the upcoming Belgian Economic Mission to India, exploring opportunities to deepen trade and investment ties in sectors like sustainable technologies, healthcare, gems & jewellery, and agriculture.
In conclusion, Minister Piyush Goyal’s visit to Brussels marked a milestone in India-EU relations, further solidifying trade and investment collaborations and promoting people-to-people ties. With agreements on fast-tracking FTA talks and deepening cooperation in key sectors, this visit has paved the way for a prosperous future between India and the European Union.
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