India and EU commitment to work on WTO reforms

May 17: Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal and Executive Vice-President of the European Commission responsible for an Economy that Works for People, and the European Commissioner for Trade, Mr Valdis Dombrovskis emphasised the need for expediting the ongoing India-EU FTA negotiations by finding convergence on all issues. This was discussed during the bilateral meeting between the leaders on the sidelines of the first Ministerial meeting of the India-European Union Trade and Technology Council (TTC). The meeting was also attended by senior officials from both sides.

During the bilateral discussions the leaders recalled the long-standing partnership between the two sides and underlined the need to work together to deepen the association given their commitment to democracy and rule-based international systems. They emphasised the need for expediting the ongoing FTA negotiations by finding convergence on all issues after due consideration of mutual sensitivities including market access for balanced and meaningful outcomes that would support the economies and employment on both sides.

Both sides also affirmed their commitment to work together on common priorities for WTO reforms including issues pertaining to dispute resolution mechanisms, subsidies on agriculture and fisheries, e-commerce moratoriums as well as domestic legislation. Both sides recognised the need to build on their common goals to pursue consensus-based solutions that would support the livelihoods and food security of millions in India as well as in large parts of the developing world. They expressed hope that their joint efforts would enable finding meaningful solutions in the upcoming WTO Ministerial Conference.

This meeting was followed by a meeting of the Working Group 3 Stakeholders co-chaired by Mr Piyush Goyal and Mr Valdis Dombrovskis. The meeting included stakeholders representing India and the EU. Working Group 3 focuses on Trade, Investment and Resilient Supply Chains. The EU side had representatives from major European industrial bodies including Business Europe, Digital Europe, Food Drinks Europe, Copa-Cogeca, EFPIA and ACEA. The delegation of Indian business leaders attending the meeting in person represented sectors including Chemicals, metals, textiles, digital infrastructure, and steel while representatives of other sectors like the agri-food industry, and marine/logistics were present in virtual mode.

Disclaimer: We donot claim that the images used as part of the news published are always owned by us. From time to time, we use images sourced as part of news or any related images or representations. Kindly take a look at our image usage policy on how we select the image that are used as part of the news.