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The EU and India have agreed to restart long-standing negotiations on a comprehensive trade agreement, with both sides pushing for their economic commitment and responding to China’s growing power.
Brussels and New Delhi also agreed on parallel talks aimed at reaching an agreement to protect investments and an agreement to protect specialized foods in the region.
The moves on Saturday they settled for a virtual EU-India summit and after the Covid-19 pandemic torpedoed them, after torpedoing global growth, they made an effort to deepen ties. European Council President Charles Michel has said the two sides are opening a “new chapter” in cooperation.
“We agreed to resume negotiations on a balanced, ambitious, comprehensive and mutually beneficial trade agreement that will meet the current challenges,” the EU and India said in a six-page joint statement. “We agreed that in order to create the positive dynamics needed for negotiations, it is imperative to find solutions to long-standing problems in entering the market.”
The agenda includes a number of initiatives to link issues ranging from air transport to student exchanges. The exact program comes at a time when post-Brexit Britain is also investing a lot of diplomatic energy in seeking close relations with New Delhi.
The need to respond to Beijing’s great strength and reach has given a new impetus to the EU and Indian Prime Minister Narendra Modi in a video conference interview on Saturday.
EU-China relations have become increasingly strained, raising questions about the future of investment cooperation, which received political support last year. In March, the EU joined Western partners in imposing sanctions on Chinese officials for human rights violations. Beijing responded with sanctions against European officials and politicians.
Brussels believes it belongs to India the decision to get out Last year, negotiations over a China-backed trade deal opened a window as New Delhi sought alternative partners. But the EU and India will have an uphill battle if they want to reach a comprehensive trade agreement after previous breakdowns in talks.
Earlier the EU and India’s efforts were halted despite work between 2007 and 2013 due to differences due to problems like professional services and auto parts. Other controversial issues ranged from Scotch whiskey to data protection standards.
The EU and India also hit connectivity cooperation on Saturday, including digital, energy and transportation infrastructure for collaboration. The two sides also want to encourage regulatory cooperation in emerging technologies.
Despite its commitment to deepen cooperation, the EU maintains a push backed by countries including India to exempt patents that advocate that solidarity countries would encourage the production of Covid-19 vaccines. Modi is under intense pressure at home as the country exacerbates the health crisis, which has reported more than 400,000 infections in a devastating second wave.
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