India-EU Virtual Summit: Highlights of the High Level Dialogue
The virtual summit between India and the European Union was held in order to boost trade and investment, to remove all kinds of trade hurdles and expand the market access on reciprocal basis between the two parties. However, the Free Trade Agreement between these two partners remained elusive in this summit.
The Highlights of the Summit are as follows:
- India and the EU have set out trade objectives for the next 5 years and this was the main highlight of the 15th India-EU Virtual Summit.
- Both the sides will continue the regulatory dialogue on pharmaceuticals and medical devices that will help in manufacturing world-class Indian products and also remove the barriers faced by the Indian products now.
- There were commitments to accelerate cooperation in agricultural and marine trade, reduce customs hassles, protect intellectual property and geographical indicators, and promote cooperation between small businesses and startups.
- An agreement between the Central Bureau of Investigation and Europol has been signed to ensure cooperation between these two agencies.
- Closer military ties are to be established with a focus on establishing dialogues to ensure the exchange of information on strategic priorities, security issues, crisis management and peacekeeping.
- Both the sides have agreed to promote consultation in the areas of data regulation and data privacy.
- India has called for investment from the EU for the renewable energy sector in the country through resource efficiency and circular economy.
- A climate change agreement has been signed in order to focus on reducing greenhouse gas emissions.
Month: Current Affairs - July, 2020