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The EU and India have agreed to restart stalled negotiations on a global trade agreement as both sides seek to increase their economic commitment and respond to China’s growing power.
Brussels and New Delhi also agreed on parallel talks aimed at reaching an investment protection agreement and an agreement to protect regional specialty foods.
He it moves they sat at an EU-India virtual summit on Saturday and represent an effort to deepen ties after the Covid-19 pandemic torpedoed global growth. Charles Michel, President of the European Council, said the two sides were opening a “new chapter” in their partnership.
“We agreed to resume negotiations for a balanced, ambitious, comprehensive and mutually beneficial trade agreement that meets the current challenges,” the EU and India said in a joint six-page statement. “We agreed that, in order to create the positive dynamics needed for negotiations, it is imperative to find solutions to the long-term problems of market access.”
The agenda sets out a myriad of initiatives to foster ties on issues ranging from air transport to student exchanges. The detailed program comes at a time when post-Brexit Britain is also investing a lot of diplomatic energy in the search for closer ties with New Delhi.
The need to respond to Beijing’s growing power and reach has injected new impetus into the dialogue between the EU and Indian Prime Minister Narendra Modi, who held video conference talks on Saturday.
EU-China relations have become increasingly strained and have raised doubts about the future of an investment association that received political support last year. In March, the EU joined Western partners in imposing sanctions on Chinese officials for human rights violations. Beijing responded with sanctions to European officials and politicians.
Brussels believes that of India decision to retire of negotiations on a trade pact backed by China last year opened a window when New Delhi seeks alternative partners. But the EU and India will face a tough climb if they want to reach a global trade deal after previous advances in talks.
Previous efforts by the EU and India stalled despite work between 2007 and 2013, due to differences in issues, including professional services and car parts. Other controversial topics range from Scotch whiskey to data protection rules.
The EU and India also hit one connectivity association on Saturday, with the aim of cooperating in areas such as digital infrastructure, energy and transport. The two sides also want to boost regulatory cooperation in emerging technologies.
Despite votes to deepen cooperation, the EU resists a push backed by countries including India for the exemption of patents that, according to support countries, would boost Covid-19 vaccine production. Modi is under intense pressure at home as the country faces a worsening health crisis, with more than 400,000 infections reported daily in a brutal second wave.
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