Bloomberg | 25 April 2022
EU, India agree to set up trade and technology council
By Richard Bravo
The European Union and India plan to launch a joint trade and technology council on Monday in an effort to deepen cooperation between the two regions.
“Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement,” European Commission President Ursula von der Leyen said in a statement. The agreement will allow them to coordinate technical work and report to the political level, she said.
The push is part of a broader EU plan to accelerate trade talks with India, according to a person familiar with the talks. The bloc is seeking to give India a viable alternative to diversify away from Russia, said the person, who asked not to be identified because the talks are private.
Von der Leyen and Indian Prime Minister Narendra Modi on Monday reviewed the progress in their strategic partnership, including restarting negotiations on a free-trade agreement and investment accord, according to a statement from the Indian government. The EU is India’s third-largest trading partner and accounts for 62.8 billion euros ($67.3 billion) of trade.
Both the EU and U.S. are trying to establish closer ties with India, which is the world’s top buyer of Russian weapons. The country says it needs the weapons to deter aggression from neighbors Pakistan and China.
Russia’s invasion of Ukraine has consequences for Asia, which is dealing with rising prices of grain, energy and fertilizer, von der Leyen told an audience at the Raisina Dialogue, an annual geopolitical conference in New Delhi.
“The outcome of the war will not only determine the future of Europe but also deeply affect the Indo-Pacific region and the rest of the world,” she said.
— With assistance by Archana Chaudhary, and Bibhudatta Pradhan
By Richard Bravo
The European Union and India plan to launch a joint trade and technology council on Monday in an effort to deepen cooperation between the two regions.
“Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement,” European Commission President Ursula von der Leyen said in a statement. The agreement will allow them to coordinate technical work and report to the political level, she said.
The push is part of a broader EU plan to accelerate trade talks with India, according to a person familiar with the talks. The bloc is seeking to give India a viable alternative to diversify away from Russia, said the person, who asked not to be identified because the talks are private.
Von der Leyen and Indian Prime Minister Narendra Modi on Monday reviewed the progress in their strategic partnership, including restarting negotiations on a free-trade agreement and investment accord, according to a statement from the Indian government. The EU is India’s third-largest trading partner and accounts for 62.8 billion euros ($67.3 billion) of trade.
Both the EU and U.S. are trying to establish closer ties with India, which is the world’s top buyer of Russian weapons. The country says it needs the weapons to deter aggression from neighbors Pakistan and China.
Russia’s invasion of Ukraine has consequences for Asia, which is dealing with rising prices of grain, energy and fertilizer, von der Leyen told an audience at the Raisina Dialogue, an annual geopolitical conference in New Delhi.
“The outcome of the war will not only determine the future of Europe but also deeply affect the Indo-Pacific region and the rest of the world,” she said.
— With assistance by Archana Chaudhary, and Bibhudatta Pradhan