Union Commerce Minister Piyush Goyal has highlighted India’s massive future growth, saying the country has “more than 10x growth potential over the next 25 years, which would cement its position as the fastest growing major economy and focus on 4Ts of trade, technology, tourism and talent”.
He said it would bolster India’s ambitious mission for sustainability and renewable energy, evidenced by the achievements of meeting the goals of the Paris Agreements by 2021 itself – nine years ahead of schedule, etc.
The Minister of Commerce gave a keynote address on Monday (local time) at a business meeting organized by the Federation of Enterprises in Belgium (VBO) at the Federation’s office. The minister is on a two-day visit to Brussels to attend the first ministerial meeting of the India-European Union Trade and Technology Council (TTC).
This was followed by roundtables with testimonials from Belgian companies present and operating in India, testimonials from Indian and foreign companies present in Belgium and comments from business organizations present at the meeting, according to a statement issued by the Ministry of Finance on Tuesday. Commerce is released.
The issues discussed at the round table included tariffs and charges, protection of intellectual property rights (IPR), investment, the need for regulation in the waste management sector, reducing regulatory compliance, zero-carbon technology and green finance, offshore wind systems, etc.
In response to the roundtable discussion, Mr. Goyal that there should be a level playing field for both developed and emerging economies as global challenges such as climate issues are addressed.
While India is committed to achieving its net-zero emissions targets, meaningful contributions are needed from all involved and all countries should abide by the commitments made under the Paris Agreement, he added.
He also expressed the hope that the India-EU Trade and Technology Council (TTC) mechanism could become an effective platform for finding solutions to these challenges.
The minister also noted that the Indian and the European Union (EU) share several common concerns regarding World Trade Organization (WTO) issues, where their positions are largely aligned and therefore, through their joint efforts, could jointly contribute to find consensus-based solutions. at the forthcoming WTO ministerial conference.
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