Commerce and Industry Minister Piyush Goyal on Tuesday underlined the need for a level playing field for both developed and emerging economies while addressing global challenges such as climate issues, and, invited industry leaders at a Federation of Belgian Enterprises meeting in Belgium, to seize the opportunity presented by India’s ‘10x plus growth potential in the next 25 years’ which would reinforce its position as the fastest growing large economy.
“This growth would be led by four pillars — the ‘4Ts’ of trade, technology, tourism and talent,” said Goyal at the meeting which was attended by Rene Branders, President of FEB, Pieter Timmermans, CEO of FEB and more than 28 business delegates from the Belgium side along with six members of the Indian business delegation. The Minister who is attending the first Ministerial meeting of India-European Union Trade and Technology Council (TTC), also met with the Executive Vice-President of the European Commission and the European Commissioner for Trade Valdis Dombrovskis, with both emphasising on expeditious FTA negotiations between India and the EU. Goyal and Dombrovskis agree on the need for finding convergence on all issues after due consideration to mutual sensitivities including on market access for balanced and meaningful outcomes that would support the economies and employment on both sides.
Issues like tariff and duties, protection of IPR, investments, need for regulations in waste management sector, reducing regulatory compliances, zero carbon technology and green financing, off-shore wind systems have emerged as key areas for discussions between India and the TTC. Goyal pointed out that while India is committed to achieve its targets of net zero emissions, there should be meaningful contribution by all concerned and that commitments made under the Paris agreement must be adhered to by all countries.
India is keen that the mechanism of the India-EU Trade and Technology Council (TTC) emerges as an effective platform for finding solutions to these challenges. Indian and EU share several common concerns with respect to WTO issues where their positions are largely aligned and therefore, through their collective efforts, could jointly contribute to find consensus-based solutions in the upcoming WTO Ministerial Conference. The deliberations also saw testimonials by Belgium enterprises which are present and operating in India as well as from Indian and foreign companies present in Belgium.
Goyal and Dombrovskis also recognise the importance of working together on common priorities for WTO related issues, arriving at consensus-based solutions including permanent solution on public stockholding that would support the livelihoods and food security for millions in India as well as in large parts of the developing world. This meeting was followed by a meeting of the Working Group 3 stakeholders which focuses on trade, investment and resilient supply chains.
