The Union Minister Piyush Goyal, recently engaged in a bilateral meeting with the European Commissioner for Internal Trade Mr. Thierry Breton. This significant meeting took place during the 1st Ministerial meeting of the India EU Trade and Technology Council (TTC), emphasizing the importance of the event in fostering collaboration and strengthening relations between India and the European Union. This meeting served as a platform to discuss and strengthen the bilateral relations between India and the European Union (EU) and explore potential areas of collaboration.
Shared Democratic Values and Complementary Nature
During the bilateral meeting, both Piyush Goyal and Mr. Thierry Breton emphasized the importance of shared democratic values and recognized the complementary nature of India and the EU. They acknowledged the potential for stronger bilateral relations, considering the current geopolitical scenario. By leveraging their diverse economies and resources, both sides expressed their commitment to elevating the partnership to new heights.
India’s Ambitious Growth Trajectory
Piyush Goyal highlighted India’s ambitious growth trajectory for the next 25 years and the remarkable progress made in achieving sustainable development goals. India has already surpassed its target of sourcing 40% of energy from renewables by 2030. Building upon this achievement, India has set a new target of creating 500 GW of renewable resources by 2030. These renewable energy goals present an excellent opportunity for India and the EU to engage in meaningful collaborations.
Engagement in the Space Sector
Mr. Breton proposed exploring engagement in the space sector, recognizing India’s significant presence as a major power in space technology. Piyush Goyal acknowledged this suggestion, emphasizing that both India and the EU could benefit from deeper engagements in the space sector. This collaboration can foster technological advancements, knowledge sharing, and joint projects, contributing to the growth of both economies.
Leadership in Fintech and Digital Commerce
Piyush Goyal highlighted India’s global leadership in fintech, specifically mentioning the success of the Unified Payments Interface (UPI) and Rupay. He also mentioned the Open Network for Digital Commerce (ONDC), an innovative platform that integrates buyers and sellers across networks. Mr. Breton informed Goyal about the EU’s ongoing efforts to formulate the new Digital Services Act. Recognizing India’s stature as an IT giant, both sides expressed interest in further collaboration in the digital services sector.
