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India-EU relations
Read more on - Polity | Economy | Schemes | S&T | Environment
- The meet: A virtual India-EU leaders meeting was held between Indian Prime Minister and 27 EU leaders. Due to changing geo-political circumstances Europe is changing its perception of India, which can be reflected in this virtual meet also. In 2018, the EU released a new strategy for cooperation with India, calling it a geopolitical pillar in a multipolar Asia, crucial for maintaining the balance of power in the region.
- What India can gain: From Indian perspective, collaboration with the EU can promote peace, create jobs, boost economic growth and enhance sustainable development. Therefore, the EU and India appear to be natural partners and they need to leverage existing opportunities.
- Highlights:
- Resumption of FTA talks - The significant outcome of the summit was that after eight years, India and the EU decided to resume negotiations for a comprehensive trade agreement. These talks were suspended in 2013 after the two sides failed to bridge their differences on some key issues such as tariff reductions, patent protection, data security and the right of Indian professionals to work in Europe.
- Resumption of BIT talks - Both agreed to commence talks for a standalone investment protection pact and an accord on geographical indications.
- Connectivity partnership - The virtual summit saw India and the EU launching an ambitious “connectivity partnership” in digital, energy, transport, and people-to-people sectors, enabling the two to pursue sustainable joint projects in regions spanning from Africa, Central Asia to the wider Indo-Pacific.
- EU and India partnership:
- EU’s need to move away from an aggressive China - In January 2021, the EU signed a Comprehensive Agreement on Investment with China, which drew a lot of criticism and its ratification has now been suspended because of diplomatic tensions. The European Parliament remains overwhelmingly opposed to this deal after China imposed sanctions on some of its members, in response to the EU imposing sanctions against China for its treatment of the Uyghur Muslim minority in the Xinjiang region.
- Economic logic - With the EU being India’s largest trading partner and the second-largest export destination, the economic logic of strong India-EU economic relations is self-evident. India wants to showcase its commitment to open trade at a time of renewed focus on developing a domestic manufacturing base.
- Health cooperation - Given the current situation, health cooperation assumed a new salience. The EU member-states have rallied to support India by sending critical medical supplies in the last few weeks in recognition for the role India had played in helping others over 2020. As the two sides commit themselves to working together on global health, the need to focus on resilient medical supply chains is all the more evident.
- Convergence in Indo-Pacific theatre - The EU is being forced to reckon with the geopolitical implications of its foreign policy imperatives and India is looking for substantive partnerships with like-minded nations to bring stability to the Indo-Pacific theatre. India is looking beyond the bipolar geopolitical competition between the US and China and works towards the establishment of a Multi-polar world.
- Climate Change - India can learn from a new industrial strategy called the Green Deal of EU to render its carbon-emission neutral by 2050. The EU and India could endeavour transforming into carbon-neutral economies by 2050 by investing in clean energies. In India’s efforts to increase the use of renewable energy in India, the investment and technology of Europe is of paramount importance.
- Summary: India can pursue EU countries to engage in Indo-pacific narrative, geo-economically if not from security prism. India and the European Union have been negotiating a free trade deal, but it is pending since 2007. For closer convergence between India and the EU, both should engage in finalisation of the trade deal as soon as possible. French President Emmanuel Macron’s visit to India in early 2018 unveiled an expansive framework for revitalising the strategic partnership. India’s partnership with France now has a strong regional anchor in the Indo-Pacific narrative. India should supplement its partnership with the US with a network of multilateral groups with other middle powers, such as the India-Australia-Japan forum and the trilateral dialogue with France and Australia.
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