India, EU agree to work together on WTO reforms, expedite FTA negotiations

During their bilateral meeting on the sidelines of the first Ministerial meeting of the India-European Union Trade and Technology Council (TTC), they 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 to mutual sensitivities including market access for balanced and meaningful outcomes that would support the economies and employment on both sides, a statement said.

They 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  Piyush Goyal and 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, the statement added.