A virtual summit between Modi and the heads of member states of EU focused on cooperation in trade, investment and connectivity. These decisions were taken during a virtual summit between Prime Minister Narendra Modi and the heads of state or government of all the member states of the bloc with a focus on expanding overall cooperation in areas of trade, investment and connectivity. In a veiled message to China, both sides also underlined their commitment to a free, open, inclusive and rules-based Indo-Pacific region and discussed action to combat climate change. As you know, the negotiations were suspended in after several rounds of talks spanning six years. Both sides have worked intensively over the last few months to arrive at a common understanding.
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Finance Minister Nirmala Sitharaman on Tuesday said resumption of formal negotiations on India-EU trade deal during the leadership summit next month would help further strengthen ties with the European Union. The negotiations between India and the European Union on a free trade agreement have been stalled since May , when both sides failed to bridge substantial gaps on crucial issues, including data security status for the IT sector. The negotiations with the nation grouping were launched in June During the meeting, the finance minister highlighted the significance of the high-level visits between both countries during recent years which resulted in addition of several agreements and outcomes, thereby transforming the historical relationship into a modern 21st century partnership.
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The European Union and India have agreed to resume stalled free trade negotiations and seek closer cooperation to combat climate change at a virtual summit, as concerns about China bring Brussels and New Delhi closer. EU-India trade talks were frozen in over differences including tariff reductions, patent protection, data security and the right of Indian professionals to work in Europe. A study by the European Parliament put the benefits of a trade deal for the EU with India at up to 8.