India

New Delhi hopes talks on trade and investment pacts will resume at India-EU Summit

India on Friday expressed the hope that negotiations with the European Union (EU) on trade and investment agreements will resume at the India-EU Summit to be held in Portugal subsequent month.

This was conveyed by the Indian aspect throughout a digital summit between Prime Minister Narendra Modi and his Dutch counterpart Mark Rutte. The two sides additionally agreed to improve their joint working group on water to the ministerial degree and to launch a “strategic partnership in water”.

India and EU member states have determined to launch negotiations on separate trade and investment pacts as each side consider it will be simpler to finalise an settlement on investments, whereas contentious points associated to market entry will take extra time to be addressed. The EU can also be eager to a predictable investment regime as particular person agreements with most European states have already lapsed.

“The India-EU Summit was discussed, and we expressed the hope that in the summit in Porto there will be resumption of negotiations for the India-EU trade agreement and the investment agreement,” Sandeep Chakravorty, joint secretary (Europe West) within the exterior affairs ministry, instructed a briefing after the summit.

“The Dutch prime minister was appreciative of this and said it is important both India and the EU have these agreements in place to incentivise more trade and investments,” he mentioned, including that the Netherlands is the third largest investor in India and an essential participant within the EU.

On the bilateral entrance, Modi and Rutte agreed to launch a “strategic partnership on water” in view of sturdy synergies between the water-related challenges of India and the experience of the Netherlands, and to raise the joint working group on water to the ministerial degree.

The Netherlands is seen as a world chief in water use and administration, particularly in flood management, inland waterways and waste water recycling.

The two leaders additionally reviewed ongoing bilateral tasks below the Namami-Gange Programme and mentioned upcoming joint interventions in tasks equivalent to “Water as Leverage” in chosen cities within the Ganga Basin and a pilot project on air pollution and waste administration in a textile industrial cluster in Panipat.

The Netherlands, France and Germany have already adopted Indo-Pacific insurance policies and are working to assist the EU body its technique for the area. Chakravorty quoted Rutte as saying that India will have a essential position in any Indo-Pacific technique. Rutte additionally mentioned a Dutch frigate will sail to the Indo-Pacific within the coming months and train with the Indian Navy.

Covid-19-related cooperation and vaccines had been additionally mentioned intimately by the 2 leaders and Rutte appreciated India’s position in supplying personal protecting gear (PPE), prescription drugs and vaccines to different international locations. Rutte additionally famous that an Indian company was current within the Netherlands to arrange an European vaccine hub.

The Serum Institute of India, the world’s largest vaccine producer, acquired Bilthoven Biologicals of the Netherlands in 2012, and is at present working to make this a hub for vaccine manufacturing.

“The two sides favour a well-balanced trade system in pharmaceutical products. Patients and industry have an interest in securing transparent, open and predictable supply chains, and avoiding critical dependencies in active pharmaceuticals and in formulations,” mentioned a joint assertion issued after the summit.

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