India-EU Leaders Meeting
Source : PIB
GS III : Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests
Why in News ?
This is the first time that the EU hosted a meeting with India in the EU+27 format. The meeting was the initiative of the Portuguese Presidency of the Council of the European Union.
Key Facts
- to further strengthen the India-EU Strategic Partnership based on a shared commitment to democracy, fundamental freedoms, rule of law and multilateralism.
- Exchanged views on three key thematic areas:
- Foreign policy and security
- COVID-19, climate and environment
- Trade, connectivity and technology
- Decision to resume negotiations for balanced and comprehensive free trade and investment agreements.
- Commitment to achieving the goals of the Paris Agreement and agreed to strengthen joint efforts for mitigation, adaptation and resilience to the impacts of climate change, as well as providing means of implementation including finance in the context of COP26.
- India and the EU also agreed to enhance bilateral cooperation on digital and emerging technologies such as 5G, AI, Quantum and High-Performance Computing
- Importance of a free, open, inclusive and rules-based Indo-Pacific and agreed to closely engage in the region,
- Mainly in the context of India’s Indo-Pacific Ocean’s Initiative and the EU’s new strategy on the Indo-Pacific.
Connectivity Partnership
- India and the EU launched Connectivity Partnership.
- It is focused on enhancing digital, energy, transport and people-to-people connectivity.
- The Partnership is based on the shared principles of social, economic, fiscal, climate and environmental sustainability, and respect for international law and commitments.
- The Partnership will catalyse private and public financing for connectivity projects.
- It will also foster new synergies for supporting connectivity initiatives in third countries, including in the Indo-Pacific.
EU-India Business Roundtable
- The business roundtable was organised in the margins of the EU-India Summit
- Organised to highlight the avenues for cooperation in climate, digital and healthcare.
- A finance contract of Euro 150 million for the Pune Metro Rail Project was signed by the Ministry of Finance, Government of India, and European Investment Bank.
India and EU
- India and the EU will both profit from strengthening bilateral cooperation in the areas of climate, digital and healthcare, and from increased trade and investment.
- The EU is India’s largest trading partner with about 11% of its total trade worth around Euro 80 billion, and the EU is India’s top foreign investor.
- India and the EU have been working on a Broad-based Trade and Investment Agreement (BTIA) since 2007.
- Maritime security has emerged as a critical area of cooperation between India and the European Union.
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