Union Minister for Commerce and Industry, Piyush Goyal, met with European Commissioner for Trade and Economic Security, Maroš Šefčovič, for a high-level dialogue in Brussels on January 18-19. This was the first in-person meeting between the two leaders following their introductory video conference in December 2024. The dialogue focused on building a new framework for the India-European Union (EU) strategic agenda, particularly in the areas of trade and investment. According to a statement from the Ministry of Commerce & Industry, the discussions were marked by mutual respect and a keen awareness of each other’s sensitivities, setting the tone for deeper collaboration.

During the meeting, Goyal underscored Prime Minister Narendra Modi’s vision to transform India into a developed nation by 2047. He laid out six key principles to guide the future of the India-EU partnership. First, he highlighted the importance of a relationship based on shared democratic values, aiming to integrate the combined $24 trillion market of India and the EU, which would create unprecedented opportunities for over 2 billion people. Second, Goyal emphasized the need for a fair and equitable trade agenda, focusing on simplifying trade barriers and ensuring that small and medium enterprises, farmers, and fishermen benefit from cost-competitive practices.

Third, Goyal spoke about India’s commitment to promoting high-quality products, aligning with Prime Minister Modi’s call for “zero defect, zero effect” production capabilities. He proposed collaboration with the EU to harmonize standards and exchange best practices. The fourth principle focused on advancing cutting-edge technologies and building resilient supply chains by securing critical raw material supplies and reducing dependence on non-market economies. In the fifth principle, Goyal discussed cooperation on sustainable development, ensuring that trade and development efforts are aligned with the respective levels of development and the principle of common but differentiated responsibility. Lastly, Goyal pointed to India’s young, aspirational workforce as a potential bridge for mutual growth, aiming to foster deeper ties between the two regions.

In their discussions, the two leaders also focused on the development of a new India-EU strategic agenda, instructing their teams to create a mutually beneficial plan for trade and investment. They agreed on the importance of expediting negotiations for a free trade agreement (FTA) to address global challenges. Progress was reviewed in the India-EU Trade and Technology Council (TTC), with both leaders committing to resolving legacy issues and ensuring continuous consultations between senior officials. The meeting was attended by senior officials from both sides, further solidifying the commitment to a long-term partnership.