New Delhi: European Union Executive Vice-President Valdis Dombrovskis, after his meeting with Union Minister Piyush Goyal, said that both sides would benefit enormously from a comprehensive trade and investment partnership.

Valdis Dombrovskis and the Union Minister for Commerce and Industry held a High-Level Economic Dialogue (HLED) on Trade and Investment in India on Saturday in the national capital.

He further said that the European Union is India’s largest trading partner but there still lies a lot of untapped potential.

“Minister Goyal and I held a positive and thorough discussion on advancing our Free Trade Agreement during our High-Level Economic Dialogue today. Both sides would benefit enormously from a comprehensive trade and investment partnership. The EU is India’s second-largest trading partner but there is still a lot of untapped potential. India stands much to gain from tapping into the world’s biggest, most lucrative single market. There is a clear political willingness on both sides to change gear and make faster progress. We must now use this momentum to bridge major gaps that remain,” he said in a statement.

The senior EU leader that the two countries will work on market access-related issues through Trade and Technology Forum (TTC).

“We need to see good progress in terms of investment protection - important to attract further European investment to India. I am pleased that we will work on market access-related issues through our Trade and Technology Forum (TTC), which complements our trade and investment negotiations,” Dombrovskis said.

He also thanked Piyush Goyal and his team for the warm welcome and commitment during the G20 Trade Ministerial meeting in Jaipur.

“Separately, I would like to thank Minister Goyal and his teams for the warm welcome and commitment during this week’s G20 Trade Ministerial in Jaipur, where we committed to important outcomes, including reform of the World Trade Organization, the bedrock of the global trading system,” he added.