SME Times News Bureau | 07 Oct, 2020
Union Commerce & Industry Minister Piyush Goyal
on Wednesday said that trade & economy is one of the most important pillars
of India- European Union (EU) partnership, and India is looking forward enhancing
this relation.
Addressing the Diplomatic
& Industry Leadership Session on EU-India Collaborative Economic Growth, Goyal
said that India is also hopeful of working with EU towards a FTA,
possibly starting with a Preferential Trade Agreement for an early harvest to
get faster outcomes.
He said that under the Prime Minister NarendraModi,
we have furthered our relationship across the European Union.India was one of
the first countries to develop diplomatic relations with the EU & extend
our hand of friendship.
“Our friendship with the people of EU & the
chemistry between PM Modi& various leaders of EU member countries is indeed
remarkable. Our partnership surpasses political, innovation & cultural
collaboration. We are both very natural partners willing to engage as
responsible global citizens to address very pressing global challenges.We
believe EU & India are 2 very important stakeholders when it comes to
finding solutions for pressing matters, he said.”
The Minister called for strengthening 3-R
approach that EU & India are using: Re-energise, Re-invent and Re-orient.
He said that removing barriers to trade between
Europe & India is essential to move forward. Shri Goyal said that EU is
India’s largest trading partner block, with about $105 billion trade in goods
in 2019.It is also the 2nd largest destination for Indian exports.
He said “We believe we have to work towards
balanced, ambitious & mutually beneficial trade & 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
& Europe worked together whether it was for adequate supply of medicines to
different European countries or other goods required tobattle coronavirus.
He said that through
the lockdown, our Information Technology sector continued to serve businesses
in Europe, without any interruption.
“We met all our
international obligations & 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 & sustainable global supply chains. During the pandemic, India
never let down any of our friends.”, he added.
On the Covid-19, Goyal said that when it came to
addressing the problem in India, we moved swiftly into lockdown so that we
could save lives & as we were able to prepare ourselves to fight COVID.
“We started unlock process from June. As we move
from protecting lives to saving lives & livelihoods, we have evolved as per
the emergent situation.We can see benefits of that in having one of the highest
recovery rates in the world & one of the lowest fatality rate. We have one
of the highest recovery rates in the world,” he said.
The Minister said that as we have opened up the
economy, we are seeing that India is rapidly turning around, restoring its
economic situation, rapidly coming back to normalcy.
Recently, we have removed all restrictions on
export of N-95 masks & Personal Protective Equipment. In the month of
September, in the goods & merchandise sector, we have grown by 5.27% over
the corresponding period of last year.
Power consumption is up by 4.6% in September 2020
year on year.On the world trade also, India’s presence is felt. In goods &
merchandise sector, in September 2020, we have grown by 5.27% over the same
period last year.
In the month of September and in the 1st 6 days
of October, Railway freight has grown by 15% over the same period last
year.
He said that Indian economy is poised not only
for normalcy but for growth in the years to come given that Prime Minister has
offered Aatmanirbhar Bharat package for relief to the people & the
industry.
The Government has embarked on a series of
reforms in Agriculture, labour, defence, space technology, mining, energy, he
said.