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India-EU: Trade talks

  • IASbaba
  • July 16, 2020
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India-EU: Trade talks

Part of: GS Prelims and Mains II – India and EU ties; International Relations

In News:

  • India-European Union (EU) held virtual summit recently.

Major outcomes:

  1. India and EU committed to a framework for strategic cooperation until 2025. (Five-­year roadmap for the India-­EU strategic partnership.)
  2. Both vowed to cooperate on their response to the coronavirus pandemic and the United Nations Security Council.
  3. To revive talks on a free trade agreement (Bilateral Trade and Investment Agreement) that have been suspended since 2013. 
  4. Civil nuclear research and development cooperation agreement between EURATOM and the Department of Atomic Energy.
  5. Exchange best practices in range of areas and the renewal of their science and technology agreement for another five years.

India-EU areas of convergence:

  • India and the EU are natural partners.
  • India-EU partnership is important for global peace and stability.
  • Both share similar ‘universal values’ of democracy, pluralism, respect for international institutions and multilateralism.
  • Share common interest in tackling climate change, and building trade.
  • EU is India’s largest trading partner, while India is the EU’s ninth biggest trading partner.

India-EU areas of divergence:

  • EU leadership had raised concerns over the situation in Jammu and Kashmir as well as Citizenship Amendment Act.
  • EU expressed concerns about India’s “protectionist” tone to “Atmanirbhar Bharat” slogan. 

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