India, EU vow to expand trade ties

Strap: Resolve to work together for global maritime safety and security

Two quotes

‘Potential untapped’

The EU is India’s largest trading partner and investor. Yet our overall trade and investment has not reached its full potential. We hope to advance things in our common interest.

Ursula von der Leyen, EU President

‘Natural Partners’

India and the EU are natural partners. Our partnership is also useful for peace and stability in the world. This reality has become even more evident in today’s global scenario.

Narendra Modi, Prime Minister

Tribune News Service

New Delhi, July 15

India and the European Union (EU) pledged to deepen trade ties despite serious differences on non-tariff barriers and transfer of technology.

As India’s single biggest trading block with over $115 billion in annual trade, the EU has agreed to initiate talks on a broad-based trade and investment agreement (BBTIA), Ministry of External Affairs Secretary Vikas Swarup told journalists after the videoconference between Prime Minister Narendra Modi and EU chiefs Ursula von der Leyen and Charles Michel.

The leaders decided to take forward the process of intensifying trade and investment ties by initiating a ministerial-level dialogue. EU officials at a background briefing have expressed reservations with the model Indian BBITA since it stipulates local courts as the remedy for disputes.

India’s relations with China did come up during the discussions when the PM “shared his views on the India-China relationship in general, and the current border situation,’’ said Swarup. On Tuesday, senior EU officials had appreciated the dialogue between India and China at various levels and hoped this would reduce tensions on the LAC.

In a joint statement, India and the EU resolved to work together for global safety and security, especially in the Indian Ocean and the Pacific, by cooperating to preserve freedom in the maritime domain. EU and India have also decided to cooperate on issues of common interest including Iran and Afghanistan, said the joint statement. The leaders also discussed their post-Covid economic recovery priorities and released a roadmap leading to 2025 for the “India-EU strategic partnership”.