Sh. Goyal meets Mr. Breton on the sidelines of the 1st Ministerial meeting of India EU Trade and Technology Council

Sh. Piyush Goyal informed that India has undertaken an ambitious growth trajectory for the next 25 years and has achieved many of the sustainable development goals. The target of having about 40% source of energy from renewables has already been achieved much before the committed timeline of 2030. India has set a further target of creating 500GW of renewable resources to be achieved by 2030. He noted that both our economies have different basis and this provides an opportunity for greater engagement given the current geopolitical scenario. On the suggestion of Mr. Breton for exploring engagement in the space sector, Sh. Goyal informed that India is amongst the major powers in the space sector and that both sides can have deeper engagements in the sector.

Further, the Minister informed that India has become a global leader in respect of fintech with UPI and Rupay. India has also come out with an open network for digital commerce (ONDC) which has capability to integrate all the buyers and sellers across networks. Mr Breton informed that EU is working on new Digital Services Act to which Sh. Goyal said that both sides can collaborate further given India’s status as an IT giant. He further informed that India has the world’s third largest startup ecosystem and has included B20 track in G20 meetings. This provides for greater engagements in digital space and other areas.

On the issue of carbon border adjustment mechanism (CBAM), Sh. Goyal informed that further study needs to be undertaken as to how this could impact enterprises on both sides, impact on trade and the effect on consumers due to increased price of goods and services.