Addressing the 15th India-EU summit via video conferencing, Prime Minister Modi on Wednesday said that In the post-COVID world, there will be new challenges in the economic world globally. To solve this, democratic countries must come together.
He also mentioned that at the time of crisis, India-EU partnership can play an important role in economic reconstruction and in building human-centric globalisation.
Talking about the relationship between India and the European Union, PM Modi said that India and EU are natural partners. Our partnership is also useful for peace and stability in the world. This reality has become even more clear in today’s global situation.
Here are the few takeaways of the summit that can help India and EU to work towards free trade pact:
• A high-level trade and investment dialogue between the two global leaders which was set up after the virtual India-EU summit is expected to move to a vast free trade agreement that has been on a stall for the last seven years.
• The European Union is one of India’s largest trading and investment partner despite Brexit and the two countries have great potential to develop the trade relations further, news Agency ANI quoted EU sources as saying.
• According to a report by TOI, India, and the EU agreed to enhance convergences to ensure a high level of protection of personal data and privacy including through possible data adequacy decisions with a view to ensuring safe and secure cross-border data flow between the nations. This was taken into consideration with growing concerns over China’s state-sponsored data theft. The report also confirms that the two sides also decided to engage in 5G and AI to foster.
• Apart from a broad range of current challenges, a joint statement issued after the summit said the global leaders also agreed to work closely together in developing a post-2020 global framework to protect the biodiversity that will be adopted at the 2021 UN Biodiversity Conference.
The Summit which was aimed at further broad basing ties on a range of areas including trade, investment, and defence was led by Prime Minister Narendra Modi at the Indian side, while the European Union delegation was headed by European Council President Charles Michel and President of the European Commission Ursula von der Leyen.