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India-EU FTA negotiations soon

India and the European Union (EU) are set to resume their long-pending talks on a comprehensive free trade agreement after a hiatus of 6 years at the India-EU leaders’ Meeting on 8 May. As the pressure of COVID-19 mounts, the two partners seek to enhance their cooperation in battling the pandemic, deepen economic ties, strengthen connectivity and and secure a rules-based Indo-Pacific.

The summit will discuss reforms in the UN, G-20, and WTO, green and digital transitions, operationalisation of a joint task force on artificial intelligence and a partnership on connectivity.  “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 commented.

EU has recently come to the rescue of India  announced a €2.2 million in emergency funding to respond to the drastic surge in Covid-19 cases in India. Its member states like Austria, Belgium, Czechia, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, Romania, Spain and Sweden have helped India with supplies of  oxygen, ventilators and medicines. It is currently the largest trading partner of India and one of its largest sources of FDI. The FTA talks between the two nations were suspended amid disagreements over tariff rules for car parts and free-movement rights for professionals.

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