The Union Minister for Commerce and Industry, Textiles, Consumer Affairs, Food, and Public Distribution, Piyush Goyal, was invited to attend a business meeting organised by the Federation of Enterprises in Belgium (FEB) during his two-day visit to Brussels to attend the first ministerial meeting of the India-European Union Trade and Technology Council (TTC). The meeting took place at the Federation office, and the Minister made the keynote address.
More than 28 business delegates from Belgium attended the meeting, as did six members of the Indian business delegation. Rene Branders, President of FEB, opened the meeting, which was mediated by Pieter Timmermans, CEO of FEB.
In his keynote address, Goyal emphasised India’s 10x+ growth potential over the next 25 years, which would cement its position as the fastest growing large economy, its focus on the 4Ts of Trade, Technology, Tourism, and Talent, its ambitious mission for sustainability and renewable energy, which is evidenced by meeting Paris targets in 2021—9 years ahead of schedule—and so on.
This was followed by roundtable talks that included testimonials from Belgian enterprises that are present and working in India, testimonials from Indian and foreign companies that are active in Belgium, and statements from business organisations in attendance.
Tariffs and levies, intellectual property protection, investments, the need for laws in the waste management sector, decreasing regulatory compliances, zero carbon technology and green financing, off-shore wind systems, and other topics were discussed during the roundtable.
In response to the round table discussion, Goyal emphasised the importance of creating a level playing field for both rich and emerging countries while addressing global challenges like climate change. While India is dedicated to meeting its net-zero-emissions targets, everyone must contribute meaningfully, and all countries must uphold their responsibilities under the Paris Agreement. He also expressed hope that the India-EU Trade and Technology Council (TTC) framework would emerge as a viable platform for addressing these concerns. The Minister also stated that India and the EU share some common concerns regarding WTO issues where their viewpoints are substantially aligned and, as a result, might jointly contribute to finding consensus-based solutions at the upcoming WTO Ministerial Conference.