India to work with EU on developing modern technology, securing critical supply chain of critical raw materials: Piyush Goyal

Union Minister Piyush Goyal | Photo credit: ANI

Commerce and Industry Minister Piyush Goyal said India would work with the European Union to develop advanced technologies and ensure supply chains of critical raw materials to strengthen economic ties.

These issues were discussed during a meeting between Mr. Goyal and Maros Sefcovic, European Commissioner for Trade and Economic Security from January 18-19 in Brussels.

The two leaders also agreed to build a meaningful trade agenda and work toward a mutually beneficial free trade agreement (FTA).

The Ministry of Commerce and Industry in a statement on Sunday (January 19, 2025) said India will build a meaningful, fair and equitable trade trade program with the EU, tackling tariff and non-tariff barriers through simplification and cost competitiveness for the benefit of businesses on both sides.

“India would work with the EU to develop cutting-edge technologies, secure supply chains for critical raw materials and build resilient supply chains – reducing dependencies on non-trade economies and developing links closer economic ties between India and the EU,” the ministry said.

The two sides also discussed increasing cooperation in the field of trade and sustainable development in an equitable manner, keeping in mind the respective development levels and the principle of common but differentiated responsibility.

“The two leaders outlined policy directions to the two teams to develop a mutually beneficial trade and investment agenda and a robust FTA in an accelerated manner to address global challenges,” the ministry said. They reviewed the progress of the India-EU Trade and Technology Council trade and investment group, agreed to resolve legacy issues and set out a roadmap for continued consultations between senior officials from both sides and at ministerial level .