Union Commerce and Industry Minister Piyush Goyal on Wednesday said that the European Union is India's largest trading partner block and removing barriers to trade between Europe and India is essential to move forward.
There was about USD 105 billion trade in goods in 2019. He said EU is also the second-largest destination for Indian exports. He said trade and economy are the most important pillars of the India-European Union (EU) partnership.
Addressing the diplomatic and industry leadership session on EU-India collaborative economic growth today, he said that India is also hopeful of working with the EU towards an FTA, possibly starting with a Preferential Trade Agreement for an early harvest to get faster outcomes.
Goyal said that under Prime Minister Narendra Modi, India has furthered its relationship across the European Union.
"Our friendship with the people of the EU and the chemistry between PM Modi and various leaders of EU member countries is indeed remarkable. Our partnership surpasses political, innovation and cultural collaboration. We are both natural partners willing to engage as responsible global citizens to address pressing global challenges. We believe the EU and India are two important stakeholders when it comes to finding solutions for pressing matters," Goyal said.
The Minister called for strengthening the 3-R approach that the EU and India are using: Re-energise, Re-invent and Re-orient.
He said, "We believe we have to work towards balanced, ambitious and mutually beneficial trade and investment agreements. During the 15th India-EU summit in July 2020, we had adopted the EU-India strategic partnership which will guide our co-operation in the future."
Goyal said that to combat the COVID crisis, India and Europe worked together whether it was for an adequate supply of medicines to different European countries or other goods required to battle coronavirus.
"We met all our international obligations and therefore, India is looked upon as a trusted partner of the EU. India can be the trusted partner to move away from single-source supply chains and countries can work in partnership with India for robust and sustainable global supply chains. During the pandemic, India never let down any of our friends," he added.
On the COVID-19 situation, Goyal said, "We started the unlock process from June. As we move from protecting lives to saving lives and livelihoods, we have evolved as per the emergent situation. We can see the benefits of that in having one of the highest recovery rates in the world and one of the lowest fatality rates. We have one of the highest recovery rates in the world."
The Union Minister further said, "Recently, we have removed all restrictions on the export of N-95 masks and Personal Protective Equipment. In the month of September, in the goods and merchandise sector, we have grown by 5.27 per cent over the corresponding period of last year. Power consumption is up by 4.6 per cent in September 2020 year on year."
"On the world trade also, India's presence is felt. In the goods and merchandise sector, in September 2020, we have grown by 5.27 per cent over the same period last year. In the month of September and in the first six days of October, Railway freight has grown by 15 per cent over the same period last year," he added.
He said that the Indian economy is poised not only for normalcy but for growth in the years to come given that Prime Minister has offered Aatmrbhar Bharat package for relief to the people and the industry. The Government has embarked on a series of reforms in Agriculture, labour, defence, space technology, mining, energy, he added.
( With inputs from ANI )
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