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:
- India and EU committed to a framework for strategic cooperation until 2025. (Five-year roadmap for the India-EU strategic partnership.)
- Both vowed to cooperate on their response to the coronavirus pandemic and the United Nations Security Council.
- To revive talks on a free trade agreement (Bilateral Trade and Investment Agreement) that have been suspended since 2013.
- Civil nuclear research and development cooperation agreement between EURATOM and the Department of Atomic Energy.
- 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.
