India and the European Union (EU) have affirmed commitment to work together on reforms in the World Trade Organisation (WTO).
In a bilateral meeting between Commerce Minister Piyush Goyal and European Commissioner for Trade Valdis Dombrovskis, the two leaders emphasised on the need for expediting the ongoing India-EU free trade agreement (FTA) negotiations by finding convergence on all issues.
The meeting was held on the sidelines of the first ministerial meeting of India-European Union Trade and Technology Council (TTC).
"During the bilateral discussions the leaders recalled the long-standing partnership between the two sides and underlined the need to work together to deepen the association given their commitment to democracy and rule-based international systems," the Commerce Ministry said in a statement on Tuesday (16 May).
"They emphasised the need for expediting the ongoing FTA negotiations by finding convergence on all issues after due consideration to mutual sensitivities including on market access for balanced and meaningful outcomes that would support the economies and employment on both sides," the ministry added.
Both sides also affirmed their commitment to work together on common priorities for WTO reforms including issues pertaining to dispute resolution mechanism, subsidies on agriculture and fisheries, e-commerce moratorium as well as domestic legislations, according to the ministry.
They recognised the need to build on their common goals to pursue consensus-based solutions that would support the livelihoods and food security for millions in India as well as in large parts of the developing world.
Both the leaders expressed hope that their joint efforts would enable finding meaningful solutions in the upcoming WTO Ministerial Conference, the ministry said.
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