India on Sunday said it would work together with the European Union (EU) to reduce its dependence on non-market economies and develop cutting-edge technologies, secure critical raw material supply, and build resilient supply chains.
In his first meeting with European commissioner for trade and economic security Maroš Šefcovic in Brussels, commerce and industry minister Piyush Goyal also outlined five other principles for mutual economic growth and set a framework for stronger partnership.
By laying stress on reducing dependence on the non-market economy, which indirectly means China, both sides seem to be looking for alternative partners as the Chinese government takes an aggressive posture in trade and announces curbs on exports of critical minerals and technologies.
Both sides also agreed to fast-track talks on the free trade agreement (FTA) which have been on since June 2022. Goyal said India would build a commercially meaningful trade agenda with the EU, which is fair and equitable, addressing the tariff and non-tariff barriers through simplification and cost competitiveness.
The two leaders also reviewed progress in the trade and investment group of the India-EU Trade and Technology Council and agreed to address legacy issues.
