Europe a natural partner, need action-oriented agenda for symbiosis: Modi

The first virtual summit between the two nations, the latest meet comes four months after it was postponed as Covid-19 swept across Brussels, which was the venue

Prime Minister Narendra Modi on Wednesday called for adopting a long-term strategic perspective with regards to India's cooperation with the European Union (EU), through an action-oriented agenda that can be fulfilled within a set time period.

Modi, along with the European Commission President Ursula von der Leyen and European Council President Charles Michel, addressed the public as part of their introductory remarks before the 15th India-EU bilateral summit began.

Business Standard had reported on Tuesday that the Prime Minister Modi is expected to pitch for early resumption of talks on the proposed Broad-based Trade and Investment Agreement (BTIA). Looking to secure closer ties with the European Union (EU), when both share political and economic concerns over China, the PM will convey India’s position that key differences on trade and investment can be solved at the earliest, through an ‘early harvest’ deal, to be followed up with a full trade pact, senior government officials had said.

‘Early harvest’ refers to a trade policy in which both parties sign off on a set of deliverables, in this case an Indian demand that it be granted data secure nation status and the EU’s wish list of lower tariffs on European wine and automobile exports. However, it has also been reported that European officials have remained firm towards having a comprehenisve pact which includes investment protection as well.

On Wednesday, calling the EU a natural partner, Modi said a partnership between the two nations was required for maintaining global peace and stability. "We both share universal values like democracy, pluralism, inclusiveness, respect for international institutions, multilateralism, freedom and transparency," Modi said.

Modi stressed that in the wake of the Covid-19 pandemic, new economic challenges have emerged on a global scale and more cooperation between democratic nations was the need of the hour. Pressures on the rules-based international order can also be relieved through economic and human-centric development brought forward by the partnership.

Long-term challenges like climate change were also pointed out by Modi, who invited more investments from the bloc in India's renewable energy generation sector.

The first virtual summit between the two nations, the latest meet comes four months after it was postponed because of the Covid-19 pandemic sweeping across Brussels, which was the venue. The previous summit, held in New Delhi in October 2017, was followed by strategic silence from both sides as trade talks stalled.

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