To strengthen economic connections, India and the European Union will collaborate to create innovative technologies and secure vital raw material supply chains, according to Commerce and Industry Minister Piyush Goyal.

Goyal and Maros Sefcovic, the European Commissioner for Trade and Economic Security, met in Brussels on January 18–19 to discuss these matters.

A mutually advantageous Free Trade Agreement (FTA) and the development of a commercially meaningful trade agenda were also agreed upon by the two leaders.

Earlier, the ministry of commerce and industry stated that India would create a fair and equitable commercially meaningful trade agenda with the EU, addressing tariff and non-tariff barriers through cost competitiveness and simplification for the benefit of businesses on both sides.

"India would work together with the EU for developing cutting edge technologies, secure critical raw material supply chains and build resilient supply chains- reducing dependencies on non-market economies and developing closer economic ties between India and the EU," it said.

Keeping in mind their unique stages of development and the idea of shared but distinct responsibility, both parties also talked about expanding their collaboration in the areas of commerce and sustainable development in a fair way.

"The two leaders outlined political directions to both the teams to develop a mutually beneficial agenda for trade and investment and a robust FTA in an expedited manner to meet global challenges," the ministry said.

Keeping in mind their unique stages of development and the idea of shared but distinct responsibility, both parties also talked about expanding their collaboration in the areas of commerce and sustainable development in a fair way.