India and the European Union (EU) are set to revive the considerably-procrastinated talks on a extensive no cost trade agreement right after a hiatus of 6 years as the two partners seek to deepen financial ties and cooperation in battling Covid 19, strengthening connectivity and securing a guidelines-based Indo-Pacific at the India-EU leaders’ Meeting on 8 May.
Prime Minister Narendra Modi will participate in the EU-India virtual summit in Porto on Saturday which will be attended by leaders of all the 27 member nations of the EU, Charles Michel, President of the European Council and Ursula von der Leyen, President of the European Commission.
The prior EU-India summit was held in July 2020, by means of video conference, with EU and India adopting a joint statement, a 5-year roadmap for the EU-India strategic partnership and a joint declaration on resource efficiency and circular economy.
The positive momentum in ties among India and the EU which is the biggest trading companion of India and one of its biggest sources of FDI has led to a wide expectation of the leaders endorsing the launch of negotiations towards an FTA on trade, investment promotion and geographical indications. India and EU talks on FTA have been suspended in 2013 amid disagreements more than tariff guidelines for automobile components and no cost-movement rights for pros.
Officials of the EU stated on Thursday that the India-EU relationship has created positively in current years, providing optimism that the variations in trade negotiations would be ironed out to pave way for a conclusive finish to discussions on the FTA. “The talks will cover all areas of trade and we are not looking at an early harvest. We are looking at a full, ambitious and comprehensive set of negotiations,” an EU official stated.
The other important agenda of the summit are reforms in the UN, G-20, and WTO, green and digital transitions, operationalisation of a joint activity force on artificial intelligence and a partnership on connectivity.
The India-EU meet comes amidst expanding India-EU cooperation as the 27- member bloc methods up healthcare help to assist India battle a unsafe surge in Covid-19 situations, oxygen shortages and increasing fatalities. The European Commission has announced a €2.2 million in emergency funding to respond to the drastic surge in Covid-19 situations in India and member states have currently mobilised supplies of urgently necessary oxygen, ventilators and medicines from Austria, Belgium, Czechia, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, Romania, Spain and Sweden to India more than the last week by means of the EU Civil Protection Mechanism.