“In an increasingly complex geopolitical and geoeconomic environment, closer EU-India cooperation is more important than ever,” a joint communication on the new agenda said.
“While the EU and India may not align on every issue, this partnership is underpinned by converging interests, complementary strengths, and shared political will, and can deliver real impact for people in both regions and beyond,” it noted.
“The EU’s Competitiveness Compass and India’s Atmanirbhar Bharat initiative provide a solid foundation for deeper cooperation on trade, economic security, and the green and digital transitions,” it said.
The EU’s Global Gateway and India’s growing role as a development partner can amplify the impact of investments in third countries, the joint communication remarked.
The European Commission proposed structuring the new agenda around five pillars: prosperity and sustainability; technology and innovation; security and defence; connectivity and global issues; and enablers across pillars.
Both sides aim to conclude negotiations on a proposed free trade agreement by the end of this year.
“The EU and India should aim to swiftly conclude an Investment Protection Agreement (IPA) providing high standards of protection for investors on both sides. In parallel, the EU will engage with India to promote stable, resilient, and well-integrated international financial markets,” the joint communication said.
The EU also proposed to upgrade the bilateral Macroeconomic Dialogue.
The Team Europe Global Gateway investment portfolio in India already exceeds €15 billion spanning sectors like renewable energy, water, urban transport and digital infrastructure. Future projects could expand into other strategic sectors to support India’s modernisation, green and digital transitions, and strategic value chains, as well as to promote connectivity in the region. The European Investment Bank will remain a key player in advancing this agenda.
Setting up an EU-India Business Forum could provide valuable business perspectives to inform pro-growth policymaking, the joint communication added.
ALCHEMPro News Desk (DS)
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